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Forex Strategy - AUD/USD Awaits Reversal Confirmation at Key Resistance

Forex Strategy - AUD/USD Awaits Reversal Confirmation at Key Resistance

2014-03-07 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Looking for longs on upside break
  • Bullish Engulfing pattern results in further gains for the AUD/USD
  • Warning from Gravestone Doji needs further confirmation

The Bullish Engulfing candlestick pattern on the hourly chart highlighted in yesterday’s report has resulted in extended gains for the AUD/USD. Following a test of the 0.9110 mark in intraday trade, the pair has now formed a Gravestone Doji candlestick which may be warning of potential declines. However, we have seen little follow-through and against the backdrop of an uptrend on the hourly, other technical signals would be necessary before offering a bearish bias.

The Piercing Line formation on the daily chart helped foreshadow the Aussie’s recent gains and continues to give a bullish signal. While we saw the AUD/USD edge out a new 2014 high by a few pips, the bulls appear to have lost momentum during Asian trading, thus a more convincing break is needed to suggest an advance towards the next level of resistance at 0.9160.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_-_AUDUSD_Awaits_Reversal_Confirmation_at_Key_Resistance_body_Picture_2.png, Forex Strategy - AUD/USD Awaits Reversal Confirmation at Key Resistance

Hourly Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_AUDUSD_Awaits_Reversal_Confirmation_at_Key_Resistance_body_Picture_1.png, Forex Strategy - AUD/USD Awaits Reversal Confirmation at Key Resistance

Daily 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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