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AUD/USD Whipsaw Leaves A Piercing Line Pattern In Its Wake

AUD/USD Whipsaw Leaves A Piercing Line Pattern In Its Wake

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Near 0.8660 Awaiting Confirmation
  • Close Over 0.8815 Ceiling Needed To Suggest A Base

AUD/USD’s sharp rebound from the 0.8660 floor has generated a Piercing Line candlestick pattern. Yet with strong selling pressure overhead the potential for the reversal pattern to generate a genuine shift in sentiment may be limited. A daily close over the 0.8815 hurdle would be required to suggest a base and could conceivably open a retest of the 0.8885 ceiling.

AUD/USD: Key Reversal Pattern Emerges Near 2014 Low

AUD/USD Whipsaw Leaves A Piercing Line Pattern In Its Wake

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

The four hour chart suggests the Aussie’s recovery is already showing signs of exhaustion. An ensemble of Dojis, short body candles and a Hanging Man indicate that upside momentum is fading. This could open a revisit of the recent lows near 0.8660.

AUD/USD: Recovery Shows Signs Of Exhaustion In Intraday Trade

AUD/USD Whipsaw Leaves A Piercing Line Pattern In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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