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AUD/USD Teeters On The Brink of A Correction Following Reversal Signal

AUD/USD Teeters On The Brink of A Correction Following Reversal Signal

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Shooting Star and Bearish Engulfing patterns offer warnings
  • Key resistance remains at 0.9440, support at 0.9330

The Australian Dollar is teetering on the brink of a correction following the formation of a Shooting Star pattern near key resistance at 0.9440. The bearish reversal signal has received confirmation form a successive down period, which suggests a potential dip to support at 0.9300. While on first glance, the setup appears promising, traders should be mindful that the uptrend remains intact and a similar signal back in April failed to elicit a bearish reaction.

AUD/USD: Shooting Star Puts Brakes On Advance

AUDUSD-Teeters-On-The-Brink-of-A-Correction-Following-Reversal-Signal_body_Picture_2.png, AUD/USD Teeters On The Brink of A Correction Following Reversal Signal

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 aBearish 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

AUDUSD-Teeters-On-The-Brink-of-A-Correction-Following-Reversal-Signal_body_Picture_1.png, AUD/USD Teeters On The Brink of A Correction Following Reversal Signal

4 Hour 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.