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AUD/USD Bounces On The Back Of A Hammer Candlestick

AUD/USD Bounces On The Back Of A Hammer Candlestick

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer Candlestick Offers Some Hope To The Bulls
  • Leap Over 0.9330 Hurdle Required To Open 0.9455

AUD/USD has managed to find some fuel to mount a small recovery with a Hammer formation offering a sign of hope for the bulls. However, the pair is heading towards a zone that has seen heavy selling pressure emerge in the past, which may threatens to slow its advance. A climb over the 0.9330 hurdle would be required to shift the immediate risk higher for a test of 0.9455.

AUD/USD: Hammer Awaits Confirmation To Offer Bullish Signal

AUD/USD Bounces On The Back Of A Hammer Candlestick

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

A Bullish Engulfing candlestick pattern on the four hour chart offered an early indication of a potential bounce for the Aussie. A lack of bearish signals casts doubt over the possibility of a correction over the session ahead.

AUD/USD: Bullish Engulfing Pattern Offered Early Indication Of A Bounce

AUD/USD Bounces On The Back Of A Hammer Candlestick

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

By David de Ferranti, Currency Analyst, DailyFX

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