AUD/USD Dojis Signal Indecision As Intraday Swings Endure
- 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’s intraday volatility has been met with little directional follow-through, leaving an ensemble of Dojis in its path. The candlestick formations indicate indecision from traders and leave a more constructive setup desired to offer a clearer technical bias.
AUD/USD: Awaiting Break From Range As Intraday Swings Continue
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
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.