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Forex Strategy - AUD/USD Inverted Hammer Hints At Bounce To 0.9085

Forex Strategy - AUD/USD Inverted Hammer Hints At Bounce To 0.9085

2014-03-17 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts preferred
  • 0.9085 mark remains key resistance level (see daily chart)
  • Intraday bounce may offer new selling opportunities

The AUD/USD is hinting at an intraday bounce in light of the Inverted Hammer candlestick formation on the four hour chart near the key 0.9000 handle. However, follow-through to the upside may be limited here given the strong resistance present at the 0.9085 mark (see daily chart). As such a rally for the Aussie would be seen as an opportunity to enter new short positions.

AUD/USD: Buyers Emerge At 0.9000

Forex-Strategy---AUDUSD-Inverted-Hammer-Hints-At-Bounce-To-0.9085_body_Picture_2.png, Forex Strategy - AUD/USD Inverted Hammer Hints At Bounce To 0.9085

4 Hour Chart - Created Using FXCM Marketscope 2.0

It should also be noted that the recent recovery for the Aussie has resulted in a Hammer candlestick formation on the daily chart. While technically a bullish reversal signal, 0.9085 would need to be cleared before looking at buying the AUD/USD.

AUD/USD: Hammer May See Little Follow-Through

Forex-Strategy---AUDUSD-Inverted-Hammer-Hints-At-Bounce-To-0.9085_body_Picture_1.png, Forex Strategy - AUD/USD Inverted Hammer Hints At Bounce To 0.9085

Daily Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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

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