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AUD/USD Hanging Man Delivers Drop To 0.8660 Barrier

AUD/USD Hanging Man Delivers Drop To 0.8660 Barrier

2014-10-13 05:02:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Offered Bearish Signal At 0.8885
  • Recovery Questionable Amid Absence of Reversal Signals

AUD/USD revisited the 0.8660 target offered in recent reports which followed a bearish signal offered by a Hanging Man formation. The critical floor is likely to prompt some hesitation from traders, yet with an absence of key reversal patterns a sustained recovery may prove difficult. Sellers are likely to keep the pair’s advance capped at the 0.8885 ceiling.

AUD/USD: Revisits 0.8660 Floor Following Bearish Candlestick Pattern

AUD/USD Hanging Man Delivers Drop To 0.8660 Barrier

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

The four hour chart reveals a Dragonfly Doji formation that denotes indecision from traders near the 0.8660 barrier. Yet this does not mark a key reversal pattern which suggests some skepticism over intraday gains may be warranted.

AUD/USD: Dragonfly Doji Signals Hesitation Near Recent Lows

AUD/USD Hanging Man Delivers Drop To 0.8660 Barrier

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

By David de Ferranti, Currency Analyst, DailyFX

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