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AUD/USD Wild Whipsaw Leaves Bullish Candlestick Formation In Its Wake

AUD/USD Wild Whipsaw Leaves Bullish Candlestick Formation In Its Wake

2014-10-16 06:21:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Rebound Produces ABullish Engulfing Pattern
  • Dark Cloud Cover On H4 Awaits Confirmation

AUD/USD continues to swing wildly within its wide trading band with the latest whipsaw leaving a Bullish Engulfing formation in its wake. Yet the key reversal candlestick pattern may struggle to find follow-through with heavy selling pressure hanging overhead near the 0.8900 handle. A daily close beyond the ceiling would be required to suggest a continued advance. Whereas a pullback below the 0.8660 barrier is needed to pave the way for a descent on the July 2010 low near 0.8320.

AUD/USD: Bullish Engulfing Pattern Emerges On Intraday Rebound

AUD/USD Wild Whipsaw Leaves Bullish Candlestick Formation In Its Wake

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

Candlestick patterns have helped signal intraday turning points within AUD/USD’s recent range. The latest Dark Cloud Cover formation offers an ominous warning, yet awaits confirmation to suggest a retreat over the session ahead. Buying interest is likely to be renewed at the critical 0.8660 barrier.

AUD/USD: Dark Cloud Cover Offers Ominous Warning

AUD/USD Wild Whipsaw Leaves Bullish Candlestick Formation In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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