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AUD/USD Consolidation May Continue As Doji Signals Indecision

AUD/USD Consolidation May Continue As Doji Signals Indecision

2014-07-17 11:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Pending Long
  • Doji signals hesitation from traders near key support
  • 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. A Doji offers a signal of indecision amongst traders, and suggests the pair’s consolidation beneath the 0.9440 level of resistance may be set to continue.

AUD/USD: Doji Signals Hesitation Near Support At 0.9320

AUD/USD Consolidation May Continue As Doji Signals Indecision

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

Examining the four hour timeframe; a Harami pattern suggested a recovery was on the cards for the Aussie. With support nearby at 0.9360 and an absence of bearish patterns, further gains may be possible over the session ahead.

AUD/USD: Harami Yields Intraday Recovery

AUD/USD Consolidation May Continue As Doji Signals Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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