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AUD/USD Threatens Break Of Range-Bottom With Bullish Patterns Lacking

AUD/USD Threatens Break Of Range-Bottom With Bullish Patterns Lacking

2014-07-31 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Cover Offered Warning Near Range-Top
  • Void of Reversal Patterns Could Yield Further Falls

The Australian Dollar has hit the 0.9320 target offered in recent candlesticks reports following a Dark Cloud Cover pattern near 0.9440. A daily close below 0.9320 alongside an absence of bullish reversal candlesticks would pave the way for further declines to 0.9210.

AUD/USD: May Extend Declines With Bullish Signals Lacking

AUD/USD Threatens Break Of Range-Bottom With Bullish Patterns Lacking

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

The four hour chart below reveals a similar narrative to the daily with a void of reversal signals, which leaves the risk to the downside for the Aussie. Buyers seem prepared to support the currency near the psychologically-significant level at 93 US cents. A break lower would set the stage for a slide to 0.9210 (visible on the daily chart).

AUD/USD: Awaiting Break of Nearby Support At 0.9300

AUD/USD Threatens Break Of Range-Bottom With Bullish Patterns Lacking

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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