AUD/USD Bears Retreat Near Range-Bottom As Dojis Signal Hesitation
- AUD/USD Technical Strategy: Sidelines Preferred
- Dojis Highlight Hesitation Near Range-Bottom
- Harami On H4 Warned Of An Intraday Correction
The Australian Dollar has managed to climb back above the 0.9280 barrier after several Doji formations suggested hesitation from the bears to lead the currency lower. At this stage bullish reversal patterns remain absent on the daily, which casts doubt over the potential for a sustained recovery for the Aussie. 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: Dojis Highlight Hesitation Near Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Turning to the four hour chart for intraday signals; a Harami formation suggests the potential for a correction to nearby support at 0.9280. A close below the nearby floor would cast the spotlight on the pair’s recent lows near 0.9240.
AUD/USD: Harami Warned of An Intraday Correction
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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