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AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

David de Ferranti, Currency Analyst

Talking Points

  • 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

AUD/USD Bearish Candlestick Pattern 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

AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

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

By David de Ferranti, Currency Analyst, DailyFX

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