AUDNZD is on the verge of triggering the "waterfall effect"
Price has been forming higher highs and higher lows for months now till the end of August. We had a failure to break the 1.10 level and then after 2 weeks we saw a Lower High on the daily chart.
That is the first signal that the bullish trend may be coming to an end and the start of a bearish trend is beginning. The only thing we have to see now in order to change the long term bias to bearish is to see a close of a daily candle below each one of the recent touches of the trendline.
A break below 1.08 is the "Bearish Mode ON" button in our case.
That is the first signal that the bullish trend may be coming to an end and the start of a bearish trend is beginning. The only thing we have to see now in order to change the long term bias to bearish is to see a close of a daily candle below each one of the recent touches of the trendline.
A break below 1.08 is the "Bearish Mode ON" button in our case.
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