Forex Strategy: AUD/USD Dark Cloud Cover Warning of Declines Ahead
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- 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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Four Hour Chart - Created Using FXCM Marketscope 2.0
--- Written by David de Ferranti, Market Analyst, FXCM
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