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AUD/USD Sellers On The Sidelines With Reversal Pattern Lacking

AUD/USD Sellers On The Sidelines With Reversal Pattern Lacking

2014-05-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Clearance of 0.9300 opens 0.9375 then 0.9440
  • Absence of bearish signal suggests further gains

The Australian Dollar has finally cleared its recent trading range between 0.9210 and 0.9300 following the formation of a Dragonfly Doji on the daily. With the push above key resistance for the currency, an extension to the 0.9440 mark may be on the cards given the absence of a bearish reversal pattern on the daily. Interim resistance is offered by the 0.9375 mark.

AUD/USD: Clears Critical 0.9300 Handle

AUD/USD Sellers On The Sidelines With Reversal Pattern Lacking

Daily Chart - Created Using FXCM Marketscope 2.0

A Dojiin intraday trade near the 0.9385 level highlights some hesitation from the bulls to push on the psychologically-significant 0.9400 handle. Hover, with Hammer having formed in recent trade the bears are still unable to reclaim control of prices. If the reversal signal receives confirmation from a successive up-period it would suggest a retest of nearby resistance.

AUD/USD: Doji Highlights Indecision Near 0.9385

AUD/USD Sellers On The Sidelines With Reversal Pattern Lacking

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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