Talking Points
- AUD/USD Technical Strategy: Pending Long
- Clear candlestick reversal patterns absent on the daily chart
- Harami on the four hour timeframe awaiting confirmation
AUD/USD is awaiting guidance near the 0.9320 mark with candlestick reversal signals lacking on the daily chart. This suggests the pair’s consolidation beneath the 0.9440 level of resistance may be set to continue.
AUD/USD: Awaiting Guidance Near Support At 0.9320
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Examining the four hour timeframe; a Harami pattern suggests the bears may be relinquishing their grip on prices in early European trade. The formation could hint at a push back to 0.9440 if confirmed by a second up-period and break above intraday resistance at 0.9360.
AUD/USD: Harami Suggests Bears Losing Steam
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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