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AUD/USD Dojis Denote Trader Hesitation Near Key Resistance

AUD/USD Dojis Denote Trader Hesitation Near Key Resistance

2014-05-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Dojis highlight hesitation from the bulls near 0.9385
  • Bearish Engulfing pattern on 4 hour chart warns of intraday dip

The AUD/USD continues to struggle below noteworthy resistance at 0.9375 as several Doji formations suggest indecision from traders. However, we’re yet to see a bearish reversal signal on the daily, which warn of a material correction.

AUD/USD: Dojis Highlight Hesitation Near Key Resistance

AUD/USD Dojis Denote Trader Hesitation Near Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

A Bearish Engulfing patternin intraday trade near the 0.9385 level offers an ominous warning of an intraday dip. However with prices near key support, a break below 0.9350 would be required before suggesting extended falls to 0.9300.

AUD/USD: Bearish Engulfing Pattern Emerges Near Key Resistance

AUD/USD Dojis Denote Trader Hesitation Near Key Resistance

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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