AUD/USD Consolidation May Continue As Doji Signals Indecision
- 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
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
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
To receive David’s analysis directly via email, please sign up here
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.