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AUD/USD Remains At A Crossroads As Dojis Signal Indecision

AUD/USD Remains At A Crossroads As Dojis Signal Indecision

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfing fails to receive confirmation
  • Range between 0.9210 and 0.9440 remains in force

The Australian Dollar remains at a critical juncture near its range-top with the bulls seemingly unwilling to relinquish their grip on prices. A slightpullback from key resistance at 0.9440 yielded Bearish Engulfing candlestick pattern on the daily. However, the formation has failed to receive confirmation from a second successive down-day which casts doubt on the possibility of a pullback to 0.9210 at this stage.

AUD/USD: At A Crossroads Near Range-Top

AUD/USD Remains At A Crossroads As Dojis Signal Indecision

Daily Chart - Created Using FXCM Marketscope 2.0

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

AUD/USD: Doji Suggests Hesitation By Traders

AUD/USD Remains At A Crossroads As Dojis Signal Indecision

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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