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AUD/USD Hammer Emerges As Bears Lose Steam Near Key Support

AUD/USD Hammer Emerges As Bears Lose Steam Near Key Support

2014-05-22 07:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer suggests bears have run out of steam
  • Morning Star in intraday trade hints at recovery to 0.9300

Signs of a potential bounce have emerged for the Australian Dollar with a Hammer candlestick forming near notable support at 0.9210. While the signal suggests the bears have retreated for now, the formation awaits confirmation from a successive up-day to provide validation. With noteworthy resistance hanging overhead at the 93 US cent handle, a recovery would be seen as an opportunity to enter new short positions.

AUD/USD: Hammer Hints At A Bounce Following Push Off Support

AUD/USD Hammer Emerges As Bears Lose Steam Near Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly, on the four hour chart a Morning Star pattern signals a return of the bulls near support at 0.9210/13. As noted above, sellers are likely sitting at the 0.9300 handle, which may afford the Aussie limited upside follow-through.

AUD/USD: Morning Star Signals Return Of The Bulls

AUD/USD Hammer Emerges As Bears Lose Steam Near Key Support

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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