AUD/USD Harami Candlestick Pattern Drives Continued Recovery
- AUD/USD Technical Strategy: Sidelines Preferred
- Haramidelivers a recovery to 0.9400 for the Aussie
- Dark Cloud Coverwarns of an intraday dip
The Australian Dollar has been afforded a recovery on the back of a Harami candlestick formation on the daily chart. The key reversal pattern suggests a potential push back to resistance at 0.9440. However, traders should also be wary of the potential for the bears to regain control of price action given the warning provided last week by a Dark Cloud Cover formation.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Dark Cloud Cover formation on the four hour chart warns of some intraday weakness over the session ahead. However with support resting nearby at 0.9385 the extent of any declines may be limited.
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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