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AUDUSD - 6 September 2023

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A new round of bearish Trend is coming: Absence of demand

Based on how the price reacted to last Friday NFP & PMI, I can sense there is something happening in the market. Until Tuesday, I see there is an absence of demand, there is no support trying to hold the price, this shows me that the Buyside (buyers who look for Long) are now giving up their ideas, they are now all in alignment to look for lower price. This set the new tone for the next coming weeks or even months. The way price moved down without much resistance is the prove of lack of support, no more big fish are willing to support the price and that verify the path of least resistance, which is now downside.

My conclusion is a new round of bearish trend is coming, , prepare for short.

注释

Low Volume is the Evidence

注释

Now price as expected went up and take out that high and retrace immediately, let's see if price shows intention to deliver lower price from here. As if the HTF trend is bearish, price is already completed its job to move higher, to fill up inefficiency and to accumulate short position.