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AUD/USD Treads Water After Doji Suggested Bears Had Lost Their Grip

AUD/USD Treads Water After Doji Suggested Bears Had Lost Their Grip

2014-10-03 05:49:00
David de Ferranti, Currency Analyst
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Talking Points

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

AUD/USD is prodding at the 0.8815 barrier after a Dragonfly Doji near its 2014 low suggested the bears were looking to take a breather. 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 close over the nearby hurdle hurdle would help suggest a base and may open a retest of the 0.8885 ceiling.

Traders should note the upcoming US Non-Farm Payrolls report holds the potential to spark significant volatility which may negate technical signals offered.

AUD/USD: Dragonfly Doji Suggested Indecision Near 2014 Low

AUD/USD Treads Water After Doji Suggested Bears Had Lost Their Grip

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. However, a medley of more recent Dojis and short body candles indicates their charge may already be losing momentum near 0.8830.

AUD/USD: Piercing Line Pattern Signaled Turning Point

AUD/USD Treads Water After Doji Suggested Bears Had Lost Their Grip

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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