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AUD/USD May Suffer A Continued Slide With Bullish Candlesticks Lacking

AUD/USD May Suffer A Continued Slide With Bullish Candlesticks Lacking

David de Ferranti, Currency Analyst

Talking Points

  • 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

AUD/USD May Suffer A Continued Slide 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

AUD/USD May Suffer A Continued Slide With Bullish Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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