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AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

AUD/USD Candlesticks Suggest Bulls Lacking Conviction Near Key Level

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

Follow David on Twitter: @Davidde

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