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AUD/USD Hanging Man Awakes Bears From Hibernation

AUD/USD Hanging Man Awakes Bears From Hibernation

2014-10-10 06:55:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

AUD/USD Hanging Man Awakes Bears From Hibernation

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

AUD/USD Hanging Man Awakes Bears From Hibernation

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

By David de Ferranti, Currency Analyst, DailyFX

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