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Forex Strategy: AUD/USD Dark Cloud Cover Warning of Declines Ahead

By , Currency Analyst
18 February 2014 11:49 GMT

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Talking Points

  • AUD/USD Technical Strategy: Dark Cloud Cover hinting at declines
  • Sellers once again emerged just shy of the 0.9085 level
  • Immediate target for a decline is nearby support at 0.8920

The Aussie has once again encountered selling pressure at the 0.9065 level that continues to restrain gains for the unit. A Dark Cloud Cover candlestick pattern may be providing an ominous signal that a more meaningful decline is about to play out. Traders will likely be eyeing the 0.8920 level as a potential point of support for the AUD/USD.

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Forex_Strategy_AUDUSD_Short_Pending_On_Evening_Star_Confirmation_body_Picture_1.png, Forex Strategy: AUD/USD Dark Cloud Cover Warning of Declines Ahead

Four Hour Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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18 February 2014 11:49 GMT