AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
- AUD/USD Technical Strategy: Sidelines Preferred
- Limited Follow-Through For Candlesticks On The Daily
- Awaiting Break From 0.8660 to 0.8900 Trading Range
AUD/USD has continued its consolidation within the 0.8660 to 0.8885 band with guidance from candlesticks seemingly lacking. A close outside the trading range would be required to suggest a clearer directional bias on the daily.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Candlestick patterns on the four hour chart have helped signal intraday turning points within AUD/USD’s recent range. Yet as prices compress further the most recent formations have seen a lackluster response from traders. This leaves a more constructive setup desired for playing the pair.
AUD/USD: Price Compression Continues
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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