AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight
- AUD/USD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Delivers Drop Below 0.9300
- H4 Chart Offers Sign Of Hope To The AUD Bulls
AUD/USD is in a precarious position as the pair threatens a descent on the 0.9210 floor in the wake of a Dark Cloud Cover pattern. Given the proximity of current prices to the noteworthy support level it the juice left to squeeze appears somewhat limited. This leaves awaiting a break of the pair’s narrow corridor preferred between 0.9210 and 0.9500 preferred before adopting fresh positions.
AUD/USD: Dark Cloud Cover Puts Range-Bottom In Sight
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offers a source of hope for the Aussie Dollar bulls. A Morning Star formation near the session lows at 0.9271 suggests the potential for an intraday recovery. Yet selling pressure at former support-turned-resistance at 0.9327 may limit the potential upside for the pair.
AUD/USD: Morning Star Hints At Intraday Recovery
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.