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AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

David de Ferranti, Currency Analyst

Talking Points

The Aussie Dollar bulls have seemingly lost steam after failing to breach the critical 0.9440 mark in recent trade. A long upper wick on the daily candle suggests hesitation from traders to push the pair higher. However, at this stage a key reversal pattern remains absent on the daily, which casts doubt over the potential for a correction.

AUD/USD: Bulls Lose Steam Near Key Resistance

AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

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

Taking a look at a shorter timeframe; a Bearish Engulfing pattern on the four hour chart warned of intraday weakness for the Aussie. However, a Morning Star formation may shift the tide in the bulls favor over the session ahead. Sellers will likely look to emerge at the 0.9435 mark.

AUD/USD: Bearish Engulfing Pattern Warned Of Intraday Retreat

AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

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

By David de Ferranti, Currency Analyst, DailyFX

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