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AUD/USD Bulls in Doubt as Dragonfly Doji Forms on Daily

AUD/USD Bulls in Doubt as Dragonfly Doji Forms on Daily

2014-05-05 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Dragonfly Doji highlights trader indecision below 0.9300
  • Range persists between 0.9210 and 0.9300

The Aussie is teasing traders near the critical 0.9300 handle after prices bounced off support near 0.9210, which resulted in a Dragonfly Dojiformation on the daily. While considered a sign of hesitation from traders, we likely need to clear 0.9300 before the bulls look to firm their grip on prices.

AUD/USD: Keeps Traders In Suspense Sub 0.9300

AUD/USD Bulls in Doubt as Dragonfly Doji Forms on Daily

Daily Chart - Created Using FXCM Marketscope 2.0

The significance of the 0.9300 handle is made further evident by an examination of intraday price action, with several long wicks forming near the critical level. AShooting Star formation suggests sellers are still intent on keeping pressure on the currency.

AUD/USD: Selling Pressure Remains At 0.9300

AUD/USD Bulls in Doubt as Dragonfly Doji Forms on Daily

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.