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Forex Strategy: AUD/USD Short Pending On Evening Star Confirmation

Forex Strategy: AUD/USD Short Pending On Evening Star Confirmation

2014-02-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Shooting Star and Bearish Engulfing patterns offer warnings
  • Key resistance remains at 0.9440

The Australian Dollar is giving back ground following a failed break above a key resistance level at 0.9440. The pullback in the commodity currency has resulted in the formation of a Shooting Star candlestick, which offers an ominous warning of a potential decline to support at 0.9300.

AUD/USD: Shooting Star Puts Brakes On Advance

Forex-Strategy-AUDUSD-Short-Pending-On-Evening-Star-Confirmation_body_Picture_2.png, Forex Strategy: AUD/USD Short Pending On Evening Star Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

A look at intraday price action on the four hour chart gives further cause for concern with a Bearish Engulfing pattern having emerged. Intraday support for the pair likely rests near the 0.9330/40 mark.

AUD/USD: Bearish Engulfing Signal Offers A Further Warning

Forex-Strategy-AUDUSD-Short-Pending-On-Evening-Star-Confirmation_body_Picture_1.png, Forex Strategy: AUD/USD Short Pending On Evening Star Confirmation

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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