Talking Points
- AUD/USD Technical Strategy: Sidelines Preferred
- Dojis Highlighted Hesitation Near Range-Bottom
- Absence of Reversal Signals Casts Doubt On A Correction
The Australian Dollar continues its cautious recovery with an absence of key reversal patterns suggesting the potential for further gains. A daily close above the former-range-bottom at 0.9330 would open a re-test of the recent highs near 0.9455.
AUD/USD: Dojis Highlighted Hesitation Near Range-Bottom
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Turning to the four hour chart reveals a similar narrative to the daily. A void of bearish reversal patterns casts doubt over the potential for a correction over the remainder of the session. This puts the spotlight on nearby intraday resistance at 0.9355.
AUD/USD: Spotlight On Intraday Resistance With Reversal Signals Missing
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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