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AUD/USD Doji Denotes Hesitation Near 2014 High As Range Remains Intact

AUD/USD Doji Denotes Hesitation Near 2014 High As Range Remains Intact

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Bullslose steam near key resistance
  • Range between 0.9210 and 0.9440 remains in force

AUD/USD traders remain hesitant to push the pair higher as the currency travels shy of its 2014 highs near 0.9440. A Doji on the daily offers a signal of indecision yet may not be indicative of a correction at this point. A pullback would likely find support at the range-bottom of 0.9210 that has supported the Aussie since March.

AUD/USD: Hesitation Near 2014 High

AUD/USD Doji Denotes Hesitation Near 2014 High As Range Remains Intact

Daily Chart - Created Using FXCM Marketscope 2.0

The Harami pattern on the four hour chart offered a warning of an intraday dip for AUD/USD, following its failure to breach 0.9435. However, with support nearby at 0.9375 the extent of a correction may prove limited.

AUD/USD: Harami Suggested Intraday Dip

AUD/USD Doji Denotes Hesitation Near 2014 High As Range Remains Intact

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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