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AUD/USD Morning Star Formation Awaits Confirmation Near 0.9100

AUD/USD Morning Star Formation Awaits Confirmation Near 0.9100

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Bullish Reversal Fails To Find Confirmation
  • Downside Risks Remain While Sub 90 US Cents

Australian Dollar’s tumble below the 90 US cent handle has left a Morning Star formation lacking confirmation. With bullish reversal signals now seemingly absent the spotlight is cast on the 0.8885 lows.

AUD/USD: Pullback Below 0.9000 Leaves Bullish Reversal Signals Lacking

AUD/USD Morning Star Formation Awaits Confirmation Near 0.9100

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

A parade of Doji formations on the four hour chart indicates hesitation from traders to lead the pair lower. Yet in the absence of a definitive key reversal pattern a recovery may prove difficult. Sellers are likely to reemerge at former support-turned-resistance near 0.9000.

AUD/USD: Doji Highlights Hesitation From Traders Near 0.9000 Barrier

AUD/USD Morning Star Formation Awaits Confirmation Near 0.9100

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

By David de Ferranti, Currency Analyst, DailyFX

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