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AUD/USD Cautious Advance Continues With A Piercing Line In Tow

AUD/USD Cautious Advance Continues With A Piercing Line In Tow

2014-10-09 06:58:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • March Higher Continues Following A Piercing Line
  • Close Above 0.8815 Opens A Revisit OF 0.8885

The Australian Dollar has edged cautiously higher with a Piercing Line pattern in the rearview mirror offering a bullish signal for the currency. The daily close over the 0.8815 hurdle suggests a small base may be in place and opens a retest of the 0.8885 ceiling. While a Hanging Man has also emerged it awaits confirmation from a successive down period in order to be validated.

AUD/USD: Key Reversal Pattern Emerges Near 2014 Low

AUD/USD Cautious Advance Continues With A Piercing Line In Tow

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

The four hour chart reveals a Dragonfly Doji formation which signals some reluctance from the bulls to lead the pair higher. However, the candlestick is not considered a key reversal pattern, which leaves a correction as questionable. Intraday support now rests at the 0.8830 floor.

AUD/USD: Dragonfly Doji Demonstrates Some Reluctance From The Bulls

AUD/USD Cautious Advance Continues With A Piercing Line In Tow

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

By David de Ferranti, Currency Analyst, DailyFX

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