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Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: sidelines preferred
  • Bearish reversal signal emerges on daily, but awaits confirmation
  • Response to Dark Cloud Cover on the four hour chart may be limited

The Australian Dollar has come under selling pressure in recent trading following the formation of a Shooting Star candlestick on the daily chart (below). While considered a bearish reversal signal, the pattern needs to see confirmation from the close of a successive down period before being validated. Buyers may look to keep prices supported around former resistance at 0.9210.

AUD/USD: Rally Stalls As Shooting Star Forms

Forex-Strategy-AUDUSD-Stalls-Ahead-of-0.9300-As-Shooting-Star-Forms_body_Picture_2.png, Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly a look at intraday price action on the four hour chart highlights warning signs of a potential decline for the AUD/USD. The Dark Cloud Cover candlestick pattern near 0.9300 suggests the bears may have taken control of prices. A break below support at 0.9210 may open up further falls back towards former resistance at the 0.9130 mark.

AUD/USD: Bears Wrestle Control of The Aussie In Intraday Trade

Forex-Strategy-AUDUSD-Stalls-Ahead-of-0.9300-As-Shooting-Star-Forms_body_Picture_1.png, Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

4 Hour 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.