AUD/USD Sustained Strength Questionable With A Doji In Its Wake
- AUD/USD Technical Strategy: Sidelines Preferred
- Doji Indicates Bulls Lacking Steam At Nearby Resistance
- Break of Trading Band Needed To Offer Clearer Signals
The Australian Dollar continues to edge cautiously higher with a Doji on the daily doing little to inspire confidence in a sustained upswing. 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: Doji Suggests Indecision Shy of Nearby Barrier
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early indication of a potential push higher for the Aussie. Sellers sitting at intraday resistance near 0.9335 may slow the pair’s ascent. However, an absence of bearish reversal signals casts doubt on the potential for a correction over the session ahead.
AUD/USD: Reversal Signals Lacking On Journey To Intraday Barrier
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
To receive David’s analysis directly via email, please sign up here
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.