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AUD/USD Doji Candlestick Highlights Hesitation Near Range-Bottom

AUD/USD Doji Candlestick Highlights Hesitation Near Range-Bottom

2014-08-11 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Doji Denotes Indecision From Traders Near 0.9210
  • Awaiting Climb Above 0.9280 Ceiling To Signal Turn

The Australian Dollar has managed to regain its footing in recent trading with a Doji candlestick signaling hesitation from the bears. While not classified as a key reversal pattern several prior Dojis near the 0.9210 range-bottom yielded recoveries shortly afterwards. A climb back above the 0.9280 mark would be required to mark a more significant turn and put the spotlight on the 0.9330 mark.

AUD/USD: Doji Denotes Indecision Near Key Support

AUD/USD Doji Candlestick Highlights Hesitation Near Range-Bottom

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

The four hour chart reveals a similar narrative to the daily. Several successive Doji formations indicate noteworthy indecision from traders near the 0.9280 barrier. The emergence of a bearish reversal candlestick would set the stage for a pullback to the 0.9240 floor over the session ahead.

AUD/USD: Struggling To Regain Lost Ground

AUD/USD Doji Candlestick Highlights Hesitation Near Range-Bottom

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

By David de Ferranti, Currency Analyst, DailyFX

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