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AUD/USD Pullback To Continue After Reversal Signal Near Resistance

AUD/USD Pullback To Continue After Reversal Signal Near Resistance

2014-06-18 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

Traders should also be mindful that the upcoming June FOMC Meeting poses significant event risk and the resulting price action could override technical signals offered. Watch the live coverage here.

AUD/USD: Reversal Signal Near 2014 High Warns Of A Correction

AUD/USD Pullback To Continue After Reversal Signal Near Resistance

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

AUD/USD Pullback To Continue After Reversal Signal Near Resistance

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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