Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Strategy: Flat
  • Aussie Tries to Make Good on Bull Signal
  • Upswing to Yield Short Trade Opportunity

The Australian Dollar is trying to make good on upside reversal cues established by the formation of a bullish Morning Star candlestick pattern. Breaking channel top resistance at 0.7806 initially exposes the 23.6% Fibonacci retracement at 0.7998. Alternatively, a reversal below the intersection of channel floor support and the 23.6% Fib expansion at 0.7478 targets the 38.2% threshold at 0.7194.

The overall AUD/USD trend continues to look bearish. With that in mind, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Latest Topics in the DailyFX Forums

Trading the Trend with Strong...
by afo
8/28/15 22:40
Pétrole - WTI / Brent (USOil ...
by philippe bis
8/28/15 21:28
Trading CLUB
by Ale21040
8/28/15 21:21
On peut utiliser ZigZag pour ...
by Arti
8/28/15 21:16

Resources