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AUD/USD Risks Return To Range-Bottom As Reversal Pattern Emerges

AUD/USD Risks Return To Range-Bottom As Reversal Pattern Emerges

2014-10-30 01:25:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Bearish Candlestick Pattern Casts Risk Lower
  • Shooting Star Offered Early Warning Of A Pullback

AUD/USD may face further declines with a Bearish Engulfing formation awaiting confirmation on the daily. A successive down session would help validate the signal and suggest a retreat to the pair’s range-bottom near 0.8660. This leaves shorts preferred with a daily close above the 0.8885 ceiling required to negate a bearish technical bias.

AUD/USD: Reversal Signal Emerges At 0.8885 Barrier

AUD/USD Risks Return To Range-Bottom As Reversal Pattern Emerges

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

The four hour chart offered an early warning signal of a pullback for the Aussie in the form of a Shooting Star pattern. With bullish reversal formations lacking the pair may be set for further declines. Buying interest may be renewed at intraday support near the 0.8735 mark.

AUD/USD: Shooting Star Offered Warning Sign Near Range-Top

AUD/USD Risks Return To Range-Bottom As Reversal Pattern Emerges

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

By David de Ferranti, Currency Analyst, DailyFX

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