AUD/USD Bulls Hesitate As Doji Forms At Nearby Resistance
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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