News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Haramidelivers a recovery to 0.9440 for the Aussie
  • Warningoffered by a Shooting Star forming on the daily

The Australian Dollar has been afforded a recovery on the back of a Harami candlestick formation on the daily chart. The key reversal pattern suggested a push back to resistance at 0.9440. However, given the strength of selling pressure at the key level, a breakout may be difficult. With a Shooting Star now forming during the Asian session traders should be wary of the potential for a pullback.

AUD/USD: Shooting Star Forming Near Key Resistance

AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

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

Taking a look at intraday price action; a Bearish Engulfing pattern on the four hour chart warns of weakness for the Aussie over the session ahead. A close of the candle below support at 0.9385 would pave the way for a retreat to 0.9325.

AUD/USD: Bearish Engulfing Pattern Warns Of Intraday Retreat

AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES