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AUD/USD Searching For Direction With Cues From Candlesticks Lacking

AUD/USD Searching For Direction With Cues From Candlesticks Lacking

David de Ferranti, Currency Analyst

Talking Points

The Australian Dollar continues to consolidate within the 0.9320 to 0.9440 range with little in the way of clear candlestick signals to suggest a directional bias. While a long upper wick above 0.9440 on one of the daily candles suggests hesitation from the bulls it is insufficient to suggest a bearish reversal.

AUD/USD: Bulls Lose Steam Near Key Resistance

AUD/USD Searching For Direction With Cues From Candlesticks Lacking

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

Taking a look at a shorter timeframe; a Bullish Engulfing pattern on the four hour chart is hinting at a push higher the Aussie over the session ahead. However, some skepticism may be warranted given the context afforded by the daily and the close proximity to 0.9440.

AUD/USD: Bullish Pattern Hints At Aussie Strength In Session Ahead

AUD/USD Searching For Direction With Cues From Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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