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AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer Awaiting Confirmation From Close of Candle
  • 0.9210 Remains The Line In The Sand For The Aussie

The Australian Dollar has managed to reclaim some lost ground near the critical 0.9210 barrier as a Hammer formation emerges. However, the bullish reversal pattern awaits confirmation from the close of the current candle, and a successive up-day to be validated. A leap over the 0.9280 hurdle would open a retest of the recent highs near 0.9330/40 mark.

AUD/USD: Hammer Forming In Intraday Trade

AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

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

A closer examination of intraday price action on the four hour chart reveals a Piercing Line candlestick pattern emerging near 0.9240. Similarly to the daily, the reversal signal awaits confirmation, which if received would hint at an intraday recovery for the Aussie.

AUD/USD: Piercing Line Pattern Awaiting Confirmation

AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

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

By David de Ferranti, Currency Analyst, DailyFX

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