Quick update on the AUDUSD pair as we were observing a potential upward neckline breakout above.
I am taking a bearish stance on this trade especially after seeing the engulfing red candles. Any bullish movements were quickly covered by selling pressure and we are entering this trade on continued selling pressure.
If we were to look at this candle by candle, the current candle engulfed the previous bullish candle. Keep moving back, the third candle back engulfed the forth bullish candle as well especially when that candle marked a potential breakout. Since the overall pair is in a downtrend, I take a short-term bearish stance for now.