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AUD/USD Dark Cloud Cover Pattern Forming Following Pullback

AUD/USD Dark Cloud Cover Pattern Forming Following Pullback

2014-07-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Longs Preferred
  • Dark Cloud Cover forming following breakout
  • Upside breakout followed Morning Star on four hour

The Australian Dollar has finally broken above its range top following signs of hesitation from the bulls denoted by several Doji candlesticks on the daily. While a Dark Cloud Cover pattern appears to be forming on the daily, the second candle has yet to close, which would be required to validate the bearish signal. Further, with former resistance-turned-support at 0.9440 resting nearby, the extent of a correction may prove limited.

AUD/USD: Upside Break Leaves Reversal Patterns Lacking

AUD/USD Dark Cloud Cover Pattern Forming Following Pullback

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action; a Morning Star formation on the four hour chart helped herald a return of the bulls and eventual break of the critical 0.9435/40 mark. A Harami candlestick helped warn of the pullback in Asian trading today, however with support nearby, the extent of further declines may prove limited.

AUD/USD: Harami Signaled Pullback In Asian Trading

AUD/USD Dark Cloud Cover Pattern Forming Following Pullback

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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