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AUD/USD Doji Indicates Hesitation Following Upside Breakout

AUD/USD Doji Indicates Hesitation Following Upside Breakout

2014-07-24 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Bulls Hesitate Following Push Above Key Resistance At 0.9440
  • Doji On H4 Hints At A Consolidation Over The Session Ahead

The Australian Dollar has staged an upside break above the 0.9440 mark with an absence of bearish reversal patterns casting doubt on a correction. However, skepticism over further gains may also be warranted given the proximity to nearby resistance levels at 0.9495 and 0.9540.

AUD/USD: Breaks Above Key Resistance With Reversal Signals Absent

AUD/USD Doji Indicates Hesitation Following Upside Breakout

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

A Doji on the four hour chart offers an indication of hesitation amongst traders, yet is not sufficient to suggest a reversal at this stage. This could leave the currency aligned for a short-term consolidation over the session ahead.

AUD/USD: Upside Break Fails To Find Follow-Through

AUD/USD Doji Indicates Hesitation Following Upside Breakout

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

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