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AUD/USD Rebound From 0.8660 Floor Produces A Piercing Line Pattern

AUD/USD Rebound From 0.8660 Floor Produces A Piercing Line Pattern

2014-10-14 05:24:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

AUD/USD Rebound From 0.8660 Floor Produces A Piercing Line Pattern

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

AUD/USD Rebound From 0.8660 Floor Produces A Piercing Line Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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