News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Consolidation Continues With Cues From Candlesticks Lacking

AUD/USD Consolidation Continues With Cues From Candlesticks Lacking

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Formation Fails To Find Validation
  • Bearish Engulfing Pattern Offered Early Warning

AUD/USD remains trapped within the 0.8660 to 0.8900 trading band after a Piercing Line pattern failed to find confirmation. With cues from candlesticks now lacking a more constructive setup is desired in order to offer a clearer directional bias for the pair. A daily close below the 0.8660 barrier would be required to pave the way for a descent on the July 2010 low near 0.8320.

AUD/USD: Awaiting More Constructive Setup As Consolidation Endures

AUD/USD Consolidation Continues With Cues From Candlesticks Lacking

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

A Bearish Engulfing formation on the four hour chart offered an early warning sign of a potential pullback. Its sibling a Bullish Engulfing pattern is now taking shape, which if confirmed by a successive up-period may signal the potential for a recovery over the session ahead.

AUD/USD: Bullish Engulfing Formation Takes Shape In Intraday Trade

AUD/USD Consolidation Continues With Cues From Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES