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AUDUSD: Hammer Candle Hints at Gains

AUDUSD: Hammer Candle Hints at Gains

2012-03-30 11:49:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

AUDUSD put in a Hammer candlestick above support at a major rising trend line set from early October, a barrier reinforced by the bottom of a falling channel established over the past month, hinting an upswing may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Confirmation is required however and we will hold off on entering a trade for now.

AUDUSD_Hammer_Candle_Hints_at_Gains_body_Picture_5.png, AUDUSD: Hammer Candle Hints at Gains

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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