AUD/USD Pullback To Continue After Reversal Signal Near Resistance
- AUD/USD Technical Strategy: Shorts Preferred
- Dark Cloud Cover pattern offered ominous warning
- Harami pattern on four hour chart delivered declines
The Aussie’s recent woes may be set to continue following the emergence of a Dark Cloud Cover pattern near 0.9440. The bearish reversal signal suggests the potential for further pullback, with buyers likely to emerge at the range-bottom near 0.9210.
Daily Chart - Created Using FXCM Marketscope 2.0
The Harami pattern near 0.9435 offered an early signal that Australian Dollar could pull back. With a bullish reversal signal yet to emerge the currency may struggle to recover ground over the session ahead. A close below 0.9325 in the session ahead would open up the 0.9285 mark.
AUD/USD: Recovery Looks Doubtful With Bullish Signal Absent
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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