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AUD/USD Awaits Candlestick Reversal Pattern Near Range-Top

AUD/USD Awaits Candlestick Reversal Pattern Near Range-Top

2014-10-27 06:11:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Retests Upper-Bound Of Trading Band
  • Doji Suggests Hesitation In Intraday Trade

AUD/USD is once again teasing traders at the top of its recent trading band. The recent consolidation has left a void of clear cues from candlesticks. The proximity of current prices to the nearby ceiling may offer a fresh short opportunity with a target offered by the other side of the pair’s range. The four hour chart should be monitored for intraday reversal signals and entry timing.

AUD/USD: Retests Upper Bound Of Trading Band

AUD/USD Awaits Candlestick Reversal Pattern Near Range-Top

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

The four hour chart reveals the presence of a Doji formation on the daily, which suggests indecision from traders near the 0.8830 barrier. Yet the candlestick pattern is not considered a key reversal pattern, which casts some doubt on the potential for a correction over the session ahead.

AUD/USD: Doji Suggests Hesitation At Trading Band Top

AUD/USD Awaits Candlestick Reversal Pattern Near Range-Top

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

By David de Ferranti, Currency Analyst, DailyFX

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