AUD/USD Rebound From 0.8660 Floor Produces A Piercing Line Pattern
- AUD/USD Technical Strategy: Sidelines Preferred
- Piercing Line PatternEmerges On Bounce Off 0.8660
- Bullish Engulfing Formation Taking Shape On H4
AUD/USD has rebounded from the 0.8660 barrier which has produced a Piercing Line pattern on the daily. Critically, the key reversal formation awaits confirmation from a successive up-day to be validated. A continued advance would likely encounter renewed selling pressure at the nearby 0.8885 ceiling.
AUD/USD: Piercing Line Pattern Awaiting Confirmation
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart is in the process of producing a Bullish Engulfing formation. A close of the current candle above the 0.8780 mark could open the door a run on the recent intraday peaks near 0.8915.
AUD/USD: Bullish Engulfing Formation Takes Shape In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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