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AUD/USD Close of Candle Signals Bulls Lacking Conviction

AUD/USD Close of Candle Signals Bulls Lacking Conviction

2014-05-15 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Key resistance remains in play… for now
  • Four hour chart suggests bulls remain in their pen

As noted in yesterday’s candlesticks report; a close of the daily candle above 0.9375 for the Australian Dollar would be required to signal an extension to 0.9440. With prices having retreated below the key area of resistance in intraday trade, the bulls still seem to lack conviction, which has been the case for most of the week as evidenced by several Doji candlesticks.

AUD/USD: Fails To Close Above Key Resistance

AUD/USD Close of Candle Signals Bulls Lacking Conviction

Daily Chart - Created Using FXCM Marketscope 2.0

A Hanging Man formation on the four chart delivered a dip in intraday trade for the Aussie. While follow-through has been limited at this stage, a bounce is doubtful, given the absence of a bullish candlestick pattern.

AUD/USD: Hanging Man Delivers Intraday Dip

AUD/USD Close of Candle Signals Bulls Lacking Conviction

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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