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AUD/USD Bearish Engulfing Pattern Prompts Bulls To Pause

AUD/USD Bearish Engulfing Pattern Prompts Bulls To Pause

2014-05-07 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Range-top at 0.9300 finally cleared
  • 0.9440 offers the next definitive level of resistance

The Australian Dollar has finally cleared its recent trading range between 0.9210 and 0.9300. With the clearance of key resistance for the currency, an extension to the 0.9440 mark may be on the cards.

AUD/USD: Clears Critical 0.9300 Handle

AUD/USD Bearish Engulfing Pattern Prompts Bulls To Pause

Daily Chart - Created Using FXCM Marketscope 2.0

While the daily chart may look bullish, intraday price action suggests the potential for an intraday dip given the emergence of a Bearish Engulfing pattern on the four hour chart.

AUD/USD: Bearish Engulfing Pattern Emerges In Intraday Trade

AUD/USD Bearish Engulfing Pattern Prompts Bulls To Pause

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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