AUD/USD Recovery May Prove Difficult Amid Void of Bullish Candlesticks
- AUD/USD Technical Strategy: Shorts Preferred
- Absence of Reversal Patterns Suggests Declines To Continue
- Awaiting Break of Nearby Support At 0.9000 To Open 0.8885
The Australian Dollar has managed to regain its footing in recent trade, yet a sustained recovery may prove difficult in the absence of bullish candlesticks. Selling pressure is likely to be renewed on a retest of the psychologically-significant 0.9100 ceiling. Whereas, a push below the critical 0.9000 barrier could set the pair up for its next lower and a sharp descent on the 0.8885 mark.
AUD/USD: Stabilizes, Yet Recovery May Prove Difficult With Void Of Bullish Patterns
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Indecision is evident in intraday trade as indicated by a medley of short body periods on the four hour chart. This paints a similar picture to the daily and casts some doubt on the potential for an intraday recovery.
AUD/USD: Dojis Highlight Hesitation From Traders
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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