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AUD/USD Traders Overlook Bullish Pattern As Consolidation Continues

AUD/USD Traders Overlook Bullish Pattern As Consolidation Continues

2014-08-26 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer Candlestick Fails To Find Follow-Through
  • Leap Over 0.9330 Hurdle Required To Open 0.9455

The Australian Dollar has been left lacking inspiration near the 92 US cent floor after a Hammer formation failed to find follow-through. Several short body candlesticks suggest that traders are hesitant to lead major swings in either direction for the pair. Clearance of the congestion near 0.9330 would likely be required to open a run on the AUD/USD’s recent highs near 0.9455.

AUD/USD: Hammer Fails To Inspire The Bulls

AUD/USD Traders Overlook Bullish Pattern As Consolidation Continues

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

The significance of the 0.9280 floor is evident on the four hour timeframe. A Bullish Engulfing formation appears to be emerging near the support level. Yet the reversal signal awaits confirmation from the close of the current candle and a successive up period to be validated. Sellers are likely to re-emerge at intraday resistance near 0.9327.

AUD/USD: Bullish Engulfing Formation Emerging At Key Support

AUD/USD Traders Overlook Bullish Pattern As Consolidation Continues

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

By David de Ferranti, Currency Analyst, DailyFX

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