AUD/USD May Suffer A Continued Slide With Bullish Candlesticks Lacking
- AUD/USD Technical Strategy: Shorts Preferred
- Daily Devoid Of Bullish Candlesticks
- Close Below 0.8815 Opens Low 0.8660
The Australian Dollar has maintained its downward trajectory as an absence of bullish candlesticks warns of further weakness. The push below 0.8815 alongside signs of a sustained downtrend opens the 2014 lows near 0.8660.
AUD/USD: Primed For Further Weakness With Bullish Candlesticks Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A pattern appears to be repeating itself on the four hour chart for the Aussie. A medley of Dojis have been followed by a short-lived recovery before the currency takes its next leg lower. Amid of a void of classic bullish signals, the latest iteration of the pattern may prove no different, which in turn leaves the immediate risks skewed to the downside.
AUD/USD: Suffers Doji Deja Vu
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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