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AUD/USD Bounce May Prove Limited As Bearish Signals Dominate

AUD/USD Bounce May Prove Limited As Bearish Signals Dominate

2014-04-28 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfing pattern on the daily remains the dominant pattern
  • Key resistance at 0.9300, Support at 0.9250 in intraday trade

The Bearish Engulfing pattern noted in the most recent candlestick’s report delivered a drop in the AUD/USD as anticipated. While there are signs of a potential bounce on both the daily and four hour chart, we need to clear the psychologically significant 0.9300 handle broken before suggesting a bullish bias for the Australian dollar.

AUD/USD: Morning Star Awaits Close Of 3rd Candle

AUD/USD Bounce May Prove Limited As Bearish Signals Dominate

Daily Chart - Created Using FXCM Marketscope 2.0

The Bullish Engulfing pattern on the four hour chart has prompted an intraday bounce for the Aussie, however the 0.9300 handle remains a critical resistance level, which may act to restrain further gains during the session ahead. If a bearish reversal signal emerges it would be seen as an opportunity to adopt new short positions with an immediate target offered by support at 0.9250.

AUD/USD: Bullish Engulfing Pattern Suggests Buying Support at 0.9250

AUD/USD Bounce May Prove Limited As Bearish Signals Dominate

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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