Forex Strategy: AUD/USD Indecision Endures Near Critical Ceiling
- AUD/USD Technical Strategy: Shorts Preferred
- Doji Emerges On Retest of Range Ceiling
- Evening Star Sees Limited Follow-Through
AUD/USD’s sideways drift has produced yet another Doji candlestick near the 0.8885 ceiling. The formation suggests traders remain indecisive at the pair’s range-top. The proximity of current prices to the nearby barrier leaves shorts preferred. However, the emergence of a reversal signal is desired to present a more attractive entry.
AUD/USD: Doji Emerges On Retest Of Range Ceiling
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals an Evening Star pattern near the 0.8830 barrier. However, it is not encouraging to witness limited follow-through to the signal. This may suggest a consolidation over the session ahead.
AUD/USD: Evening Star Finds Limited Follow-Through
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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