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AUD/USD Struggling To Regain Ground As Dojis Denote Indecision

AUD/USD Struggling To Regain Ground As Dojis Denote Indecision

2014-08-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Pending Short
  • Make-Or-Break Moment Ahead On Test Of Range-Bottom
  • Harami On H4 Casts Doubt Over A Sustained Recovery

The Australian Dollar is struggling to regain ground with several Doji formations denoting hesitation from traders. At this stage bullish reversal patterns remain absent on the daily, which casts doubt over the potential for the currency to sustain a recovery. A daily close below the range-bottom at 0.9210 would cast the immediate risk lower and open the door to a knock on 0.8990.

AUD/USD: Test of 0.9210 To Offer Make-Or-Break Moment

AUD/USD Struggling To Regain Ground As Dojis Denote Indecision

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

A Bullish Engulfing formation on the four hour chart offered an earlier indication of a potential bounce for the Aussie. However, the pair has struggled to hold above intraday resistance at 0.9280 alongside a Harami formation. This suggests upside momentum may be fading and makes a sustained push higher questionable.

AUD/USD: Harami Emerges Near Intraday Resistance

AUD/USD Struggling To Regain Ground As Dojis Denote Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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