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AUD/USD Approaches 0.8660 Target With Reversal Signals Missing

AUD/USD Approaches 0.8660 Target With Reversal Signals Missing

2014-09-29 11:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Daily Devoid Of Bullish Candlesticks
  • Focus Remains On 2014 Low Near 0.8660

AUD/USD’s woes have worsened in recent trading as the pair continues its journey to its 2014 lows. A revisit of the barrier looks likely amid a core downtrend and void of bullish candlestick formations on the daily.

AUD/USD: Primed For Further Weakness With Bullish Candlesticks Lacking

AUD/USD Approaches 0.8660 Target With Reversal Signals Missing

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 candlesticks will be shortly followed by the 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 Approaches 0.8660 Target With Reversal Signals Missing

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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