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AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

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

  • AUD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Coversignals potential for continued pullback
  • Harami pattern awaiting confirmation on daily chart

The Australian Dollar is in a precarious position with a Dark Cloud Cover pattern on the daily warning of a continued correction for the currency. However, hope remains for the Aussie bulls with a Harami pattern emerging in recent trade. Before suggesting a bounce back to 0.9440 the pattern requires confirmation from a successive up-day.

AUD/USD: Dark Cloud Cover Offers Ominous Warning

AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Examining the four hour chart a Piercing Line pattern hints at an intraday recovery, which may see sellers emerge at the 0.9385 mark.

AUD/USD: Piercing Line Pattern Suggests Intraday Bounce

AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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