AUD/USD Hanging Man Awakes Bears From Hibernation
- AUD/USD Technical Strategy: Sidelines Preferred
- Pullback Offers A Hanging Man Confirmation
- Clean Descent To Recent Lows To Prove Difficult
The Australian Dollar has retreated after failing to breach the 0.8885 barrier noted in yesterday’s report. With a Hanging Man its wake the bears appear unprepared to relinquish their grip on prices. This could set the scene for a revisit of the recent lows near 0.8660. However, a clean descent is likely to prove difficult in light of the “choppy” price action present over the past week.
AUD/USD: Fails To Close Above Nearby Ceiling
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early indication of an intraday retreat with Harami pattern offering a turning signal. Some buying interest appears evident at the 0.8730 floor as a Piercing Line takes shape. If the nearby barrier is broken it may pave the way for a retest of the 0.8660 mark.
AUD/USD: Harami Offered Intraday Turning Signal
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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