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AUD/USD Dark Cloud Cover Offers Ominous Warning of Weakness Ahead

AUD/USD Dark Cloud Cover Offers Ominous Warning of Weakness Ahead

2014-06-16 09:30:00
David Ferranti,
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Talking Points

  • AUD/USD Technical Strategy: Pending Short
  • Dark Cloud Cover pattern offers ominous warning
  • Harami pattern on four hour chart delivered declines

A Dark Cloud Cover candlestick pattern has emerged for the Australian Dollar, which offers an ominous warning of a potential pullback. If the signal is confirmed by a successive down-day and a break below support at 0.9375 it would open up the range-bottom near 0.9210.

AUD/USD: Reversal Signal Emerges Near 2014 High

AUD/USD Dark Cloud Cover Offers Ominous Warning of Weakness Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

As noted in the most recent candlesticks report, the Harami pattern near 0.9435 spelled weakness over the session ahead for the Aussie. While the pair has found some support at former resistance of 0.9375, it may struggle to recover in the absence of a bullish reversal candlestick pattern, which is yet to appear.

AUD/USD: Harami Suggests Intraday Weakness

AUD/USD Dark Cloud Cover Offers Ominous Warning of Weakness Ahead

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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