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AUD/USD Range Remains As Candlesticks Highlight Trader Hesitation

AUD/USD Range Remains As Candlesticks Highlight Trader Hesitation

2014-05-06 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 continues to tease 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 Range Remains As Candlesticks Highlight Trader Hesitation

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. A Gravestone Doji formation suggests sellers are still intent on keeping pressure on the currency. This may afford new short entries near the range-top with an initial target offered by support at 0.9210/3.

AUD/USD: Selling Pressure Remains At 0.9300

AUD/USD Range Remains As Candlesticks Highlight Trader Hesitation

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.