Forex Strategy - AUD/USD Gravestone Doji Threatens Dip To 0.9000
- 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
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
Daily Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.