Talking Points
- AUD/USD Technical Strategy: Longs preferred
- Doji highlights indecision suggesting range may persist
- Harami on the four hour timeframe yielded intraday recovery
AUD/USD continues its consolidation between the 0.9320 and 0.9440 mark with a Doji on the daily suggesting indecision amongst traders. The pair could remain range-bound in the absence of key reversal candlestick patterns.
AUD/USD: Range Remains In Play
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Examining the four hour timeframe; a Harami pattern as noted in yesterday’s report yielded an intraay recovery for the Aussie. With the pair holding above the 0.9360 mark a run on 0.9400 may be possible with bearish patterns lacking.
AUD/USD: Harami Hinted At Intraday Recovery
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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