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AUD/USD Aims At 0.9200 With Bullish Reversal Signal Missing

AUD/USD Aims At 0.9200 With Bullish Reversal Signal Missing

2014-04-29 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 0.9200/10 in intraday trade

The Bearish Engulfing pattern noted in recent candlestick’s reports continues to deliver declines for the Australian Dollar. While prices are edging closer to key support near 0.9200/10, we’re yet to see a bullish signal emerge that could herald a bounce, which leaves shorts preferred.

AUD/USD: Bearish Engulfing Pattern Dominates

AUD/USD Aims At 0.9200 With Bullish Reversal Signal Missing

Daily Chart - Created Using FXCM Marketscope 2.0

A Bearish Engulfing pattern in intraday trade helped foreshadow the weakness ahead for the Aussie. While we’ve seen a Hammer formation emerge on the four hour chart (below), it has yet to receive confirmation, which leaves us lacking a sign that the bulls may be looking to stage a return.

AUD/USD: Hammer Fails To Reinvigorate The Bulls

AUD/USD Aims At 0.9200 With Bullish Reversal Signal Missing

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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