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AUD/USD Rebound Yields Bullish Reversal Pattern

AUD/USD Rebound Yields Bullish Reversal Pattern

2014-11-05 05:20:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Flat
  • Bounce From Critical Floor Produces A Reversal Signal
  • H4 Suggests Indecision From Traders In Intraday Trade

AUD/USD’s bounce from the 0.8660 floor has left a Piercing Line pattern in its path. If confirmed by a successive up-day it could herald a revisit of the recent range-highs near 0.8885. In the alternative scenario a close below the nearby floor would open fresh short entries and the next leg lower to the July ’10 low near 0.8320.

AUD/USD: Rebound Produces A Piercing Line Pattern

AUD/USD Rebound Yields Bullish Reversal Pattern

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

The four hour chart paints a less encouraging picture for the bulls. A parade of Doji patterns suggests considerable indecision from traders near the 0.8735 mark. This leaves clearer directional candlestick signals desired to offer a technical bias.

AUD/USD: Dojis Demonstrate Indecision In Intraday Trade

AUD/USD Rebound Yields Bullish Reversal Pattern

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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