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Forex Strategy: AUD/USD Indecision Endures Near Critical Ceiling

Forex Strategy: AUD/USD Indecision Endures Near Critical Ceiling

David de Ferranti, Currency Analyst

Talking Points

  • 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

Forex Strategy: AUD/USD Indecision Endures Near Critical 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

Forex Strategy: AUD/USD Indecision Endures Near Critical Ceiling

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

By David de Ferranti, Currency Analyst, DailyFX

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