Forex Strategy: AUD/USD Open To Further Declines On Hanging Man
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- AUD/USD Technical Strategy: Shorts preferred
- 0.9085 mark remains key resistance level (see daily chart)
- Hanging Man opens up further declines
The 0.9010 support level for the AUD/USD was broken by the bears in US trading overnight. This follows on from the formation of a Hanging Man candlestick pattern that hinted at some declines for the pair.
A bearish technical bias is retained in the absence of bullish reversal signal with a potential downside target offered by the 0.8890 mark.
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4 Hour Chart - Created Using FXCM Marketscope 2.0
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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