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AUD/USD Bearish Engulfing Pattern Sets Stage For Declines

AUD/USD Bearish Engulfing Pattern Sets Stage For Declines

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfing candlestick paves way for correction
  • Range between 0.9210 and 0.9440 remains in force

The Australian Dollar’s pullback from key resistance at 0.9440 has yielded Bearish Engulfing candlestick pattern on the daily. Confirmation from a second successive down-day would suggest a retreat to the range-bottom at 0.9210.

AUD/USD: Reversal Pattern Puts 0.9210 In Focus

AUD/USD Bearish Engulfing Pattern Sets Stage For Declines

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action; a Doji candlestick on the four hour chart, suggests some hesitation from the bears. However, at this stage a key reversal pattern is absent, which casts doubt over the potential for a bounce. Sellers are likely to emerge at former support near 0.9375.

AUD/USD: Doji Suggests Hesitation By The Bears

AUD/USD Bearish Engulfing Pattern Sets Stage For Declines

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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