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AUD/USD Awaiting Reversal Pattern Near Range-Top

AUD/USD Awaiting Reversal Pattern Near Range-Top

2014-10-28 01:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Short Pending
  • At A Crossroads With Bearish Candlesticks Lacking
  • Evening StarSees Limited Follow-Through

AUD/USD is at a critical juncture as it presses against the upper bound of its recent range with bearish reversal signals lacking. The emergence of a key candlestick pattern near the 0.8885 would be seen as a fresh opportunity to enter a short position. While a daily close above the nearby barrier would open the scope for further gains and negative a bearish technical bias.

Traders should note the upcoming FOMC decision holds the potential to spark significant intraday volatility for the pair, which may obscure technical readings.

AUD/USD: Awaits Reversal Signal Near 0.8880 Region

AUD/USD Awaiting Reversal Pattern Near Range-Top

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

The four hour chart has flashed a warning sign of a potential pullback for the Aussie. A Haramipattern suggests the bears may be looking to return to the pair. However, thus far there has been a lackluster response to the signal, which suggests a lack of conviction from traders. A correction lower is likely to find buying interest renewed at the 0.8830 floor.

AUD/USD: Harami Offers Warning Sign Near Range-Top

AUD/USD Awaiting 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

Follow David on Twitter: @Davidde

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