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AUD/USD Cautiously Recovers With A Hammer Candlestick In Its Wake

AUD/USD Cautiously Recovers With A Hammer Candlestick In Its Wake

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 continues to demonstrate resilience above the critical 0.9200 floor with a Hammer formation suggesting the potential for a further recovery. The key reversal pattern has offered some hope for the bulls. Yet a push past the congestion near 0.9330 would likely be required to open a run on the pair’s recent highs near 0.9455.

AUD/USD: Hammer Offers Sign of Hope To the Bulls

AUD/USD Cautiously Recovers With A Hammer Candlestick In Its Wake

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

A Dragonfly Doji on the H4 timeframe offered an early indication of an intraday bounce from the 0.9280 floor. However, with sellers likely sitting near the 0.9327 barrier the potential for further gains may prove limited.

AUD/USD: Dragonfly Doji Signaled Turning Point In Intraday Trade

AUD/USD Cautiously Recovers With A Hammer Candlestick In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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