AUD/USD Approaches 0.8660 Target With Reversal Signals Missing
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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