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Forex Strategy - AUD/USD Gravestone Doji Threatens Dip To 0.9000

Forex Strategy - AUD/USD Gravestone Doji Threatens Dip To 0.9000

2014-03-18 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)
  • Gravestone Doji on four hour chart threatens a correction

The AUD/USD bounce suggested in yesterday’s candlestick’s report has played out with a test of the 0.9100 handle in Asian trading today. However, the formation of a Gravestone Doji on the four hour chart threatens a correction over the remainder of the session with a potential target offered by support at 0.9000.

AUD/USD: Gravestone Ends Aussie’s Bounce

Forex-Strategy---AUDUSD-Gravestone-Doji-Threatens-Dip-To-0.9000_body_Picture_2.png, Forex Strategy - AUD/USD Gravestone Doji Threatens Dip To 0.9000

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-Gravestone-Doji-Threatens-Dip-To-0.9000_body_Picture_1.png, Forex Strategy - AUD/USD Gravestone Doji Threatens Dip To 0.9000

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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