AUDUSD long opportunity

We can clearly see an M formation on the daily chart and we can expect the market to go and test the neckline of M formation sometime soon. But right now the AUDUSD chart is very bearish and the cotdata also added a lot of short on AUD. So the market can break the daily support and continue even lower. It will be foolish to take a long right now. To take the long we clearly have to see a shift from bearish to bullish on 4H.