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AUD/USD Bullish Engulfing Pattern May Struggle To Find Follow-Through

AUD/USD Bullish Engulfing Pattern May Struggle To Find Follow-Through

2014-09-04 07:12:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Bullish Engulfing Pattern May Struggle To Find Follow-Through
  • Gravestone Doji In Intraday Trade Warns Of A Correction

AUD/USD has been handed a lifeline by the emergence of a Bullish Engulfing formation near critical support. However, the key reversal pattern may struggle to yield further gains for the Aussie. This is given the noteworthy congestion zone that lies above 0.9370. This leaves awaiting a break of the pair’s narrow corridor between 0.9210 and 0.9370 preferred before adopting fresh positions.

AUD/USD: Bulls Reemerge Near Range-Bottom

AUD/USD Bullish Engulfing Pattern May Struggle To Find Follow-Through

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

The four hour chart offers an ominous warning of an intraday correction for the Aussie. A Gravestone Doji highlights hesitation by the bulls near the 0.9370 ceiling. A pullback over the session ahead is likely to encounter buying support near former resistance-turned-support at 0.9327.

AUD/USD: Gravestone Doji Warns Of An Intraday Correction

AUD/USD Bullish Engulfing Pattern May Struggle To Find Follow-Through

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

By David de Ferranti, Currency Analyst, DailyFX

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