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AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

2014-10-02 05:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Dragonfly Doji Signaled Hesitation Near 0.8660
  • Climb Over 0.8815 Ceiling To Suggest A Base

AUD/USD has bounced off the 0.8660 barrier after a Dragonfly Doji denoted reluctance from traders to lead the pair lower. However, the candlestick formation is not classed as a key reversal pattern. This casts some doubt over whether sentiment has truly shifted for the pair. A climb over the nearby 0.8815 hurdle would help suggest a base and may open a retest of the 0.8885 ceiling.

AUD/USD: Dragonfly Doji Suggested Indecision Near 2014 Low

AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

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

The return of the bulls was heralded by a Piercing Line pattern on the four hour chart. The leap over 0.8770 amid an absence of reversal signals may see the Aussie’s gains extend towards the 0.8830 ceiling.

AUD/USD: Piercing Line Pattern Signaled Turning Point

AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

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

By David de Ferranti, Currency Analyst, DailyFX

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