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AUD/USD Recovery May Prove Limited As Hammer Lacks Confirmation

AUD/USD Recovery May Prove Limited As Hammer Lacks Confirmation

2014-05-23 07:28:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • 0.9210 continues to act as support
  • Harami on the four hour chart hints at a bounce

The Australian Dollar bulls remain prepared to support the currency at the 0.9210 mark for now. However, with a key reversal candlestick pattern absent on the daily a recovery may be limited. This comes following the Hammer formation failing to receive confirmation from a successive up-day. Sellers are likely sitting at the psychologically-significant 0.9300 handle.

AUD/USD: Support Holds At 0.9210

AUD/USD Recovery May Prove Limited As Hammer Lacks Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

A Harami pattern on the four hour chart is hinting at a bounce in intraday trade. However, again a recovery may be capped by selling pressure at the 0.9300 mark.

AUD/USD: Harami Pattern Hints At A Bounce In Intraday Trade

AUD/USD Recovery May Prove Limited As Hammer Lacks Confirmation

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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