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AUD/USD Break May Unleash Wave Of Selling Amid Void of Bullish Candles

AUD/USD Break May Unleash Wave Of Selling Amid Void of Bullish Candles

2014-09-10 05:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Absence of Reversal Patterns Suggests Declines To Continue
  • Breakout Of Narrow Trading Band Opens A Knock On 0.9130

AUD/USD has finally cracked the 0.9210 barrier and is threatening further declines amid a void of reversal candlesticks. Some buying interest may be renewed at former resistance-turned-support near 0.9130, with an eventual target offered by the 0.8990/0.9000 floor.

AUD/USD: Breakout Leaves Void Of Bullish Reversal Signals

AUD/USD Break May Unleash Wave Of Selling Amid Void of Bullish Candles

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

The four hour chart reveals a similar narrative to the daily with an absence of major reversal signals suggesting the pair may encounter further pressure. Given the context afforded by the daily a corrective bounce would be taken as an opportunity to enter new short positions.

AUD/USD: Lack Of Reversal Signals Casts Doubt On An Intraday Bounce

AUD/USD Break May Unleash Wave Of Selling Amid Void of Bullish Candles

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

By David de Ferranti, Currency Analyst, DailyFX

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