AUD/USD Probes Below 0.9000 With Bullish Signals Lacking
- AUD/USD Technical Strategy: Shorts Preferred
- Absence of Reversal Patterns Suggests Declines To Continue
- Break of Nearby Support At 0.9000 To Open 0.8885
AUD/USD is keeping traders in suspense as probes below the 0.9000 handle amid a void of key reversal patterns. A push below the critical barrier could set the pair up for its next lower and a sharp descent on the 0.8885 mark.
AUD/USD: Breakout Leaves Void Of Bullish Reversal Signals
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Doji on the four hour chart indicates some indecision amongst traders near the critical 90 US cent handle. Yet, in a similar vein to the daily, the lack of bullish reversal signals casts some doubt on the potential for an intraday recovery. This leaves a downside break preferred before adopting fresh short positions.
AUD/USD: Bearish Engulfing Pattern Delivers Intraday Drop
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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