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AUD/USD Traders Lacking Conviction As Short Body Candles Continue

AUD/USD Traders Lacking Conviction As Short Body Candles Continue

2014-08-20 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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 remains trapped in a narrow trading band with an ensemble of short body candlesticks suggesting indecision from 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: Doji Suggests Indecision Shy of Nearby Barrier

AUD/USD Traders Lacking Conviction As Short Body Candles Continue

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

The four hour chart offers a more defined picture of the narrow range that has formed for AUD/USD. A Dragonfly Doji near 0.9355 offered an early indication of a pullback to the 0.9280 floor. With an Inverted Hammer now in its wake a recovery may be on the cards over the session ahead. Crucially, the key reversal signal requires confirmation from a successive up-period to be validated.

AUD/USD: Inverted Hammer May Signal Intraday Turning Point

AUD/USD Traders Lacking Conviction As Short Body Candles Continue

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

By David de Ferranti, Currency Analyst, DailyFX

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