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AUD/USD Bulls Hesitate As Doji Forms At Nearby Resistance

AUD/USD Bulls Hesitate As Doji Forms At Nearby Resistance

2014-08-18 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Doji Indicates Bulls Lost Steam At Nearby Resistance
  • Break of Trading Band Needed To Offer Clearer Signals

The Australian Dollar is searching for direction above the 0.9280 mark with a Doji on the daily suggesting indecision amongst traders. 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: Bulls Lose Steam On Test of Nearby Resistance

AUD/USD Bulls Hesitate As Doji Forms At Nearby Resistance

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

The four hour chart reveals a similar narrative to the daily. Choppy price action has seen several reversal signals emerge, yet few have found follow-through. Given the context afforded by the daily; a break of the 0.9280-0.9330 trading band would be required to offer a clearer technical basis.

AUD/USD: Reversal Signals See Little Follow-Through

AUD/USD Bulls Hesitate As Doji Forms At Nearby Resistance

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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