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AUD/USD Doji Denotes Deliberation From Traders Near Key Support

AUD/USD Doji Denotes Deliberation From Traders Near Key Support

2014-05-26 07:39:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • 0.9210 mark continues to provide support
  • Traders look past bullish signals in intraday trade

The Australian Dollar bulls remain prepared to support the currency at the 0.9210 mark. While a Doji indicates some hesitation from the bears, a key reversal candlestick pattern remains absent on the daily, which suggests a recovery may be limited.

AUD/USD: Doji Suggests Trader Indecision Near 0.9210

AUD/USD Doji Denotes Deliberation From Traders Near Key Support

Daily Chart - Created Using FXCM Marketscope 2.0

Despite a couple bullish signals near support at 0.9210/3 in intraday trade, a recovery for the Aussie has failed to gain traction. This casts doubt over the potential for a bounce over the session ahead, which would likely be limited by sellers sitting at the 93 US cent handle.

AUD/USD: Recovery Fails To Gain Traction

AUD/USD Doji Denotes Deliberation From Traders 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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