AUD/USD 0.9320 Floor In Focus Following Dark Cloud Cover Formation
AUD/USD Technical Strategy: Shorts Preferred
Dark Cloud Cover Suggests Declines To Continue
Recovery Doubtful In Absence Of Reversal Signals
The Australian Dollar may be set to extend its recent declines following the emergence of a Dark Cloud Cover candlestick formation near the currency’s range-top. An absence of bullish reversal signals casts doubt on a recovery and puts the 0.9320 floor in focus.
AUD/USD: Dark Cloud Cover Pattern Warns Of Pullback To Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Hanging Man on the four hour chart offered an early warning signal of a potential correction over the session. Several Dojis near 0.9380 suggested indecision from traders yet reversal signals remain lacking. Buyers are likely to emerge at intraday support near 0.9360.
AUD/USD: Eyeing Intraday Support With Reversal Signals Lacking
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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