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Forex Strategy: AUD/USD at a Crossroads Near 0.9085

Forex Strategy: AUD/USD at a Crossroads Near 0.9085

2014-03-10 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Looking for confirmation at critical juncture
  • 0.9085 mark remains key resistance level (see daily chart)
  • Dark Cloud Cover on four hour chart may be warning of declines

The AUD/USD is at a critical juncture this week as it trades shy of the key 0.9085 mark. While there have been threats of an upside breakout during intraday trade, the daily has failed to convincingly close above the critical level of resistance, warning that the bulls may be losing their spirit.

A Dark Cloud Cover candlestick pattern on the 4 hour chart may be warning of further declines which may see buyers emerge at the 50% retracement level at 0.9010. However, while signs of an uptrend remain on the daily it is too soon to suggest a bearish reversal without more meaningful confirmation.

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

Forex_Strategy_AUDUSD_at_a_Crossroads_Near_0.9085__body_Picture_2.png, Forex Strategy: AUD/USD at a Crossroads Near 0.9085

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_AUDUSD_at_a_Crossroads_Near_0.9085__body_Picture_1.png, Forex Strategy: AUD/USD at a Crossroads Near 0.9085

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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