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AUD/USD Cut Through Key Support Negates Bullish Candlestick Pattern

AUD/USD Cut Through Key Support Negates Bullish Candlestick Pattern

2014-11-06 04:10:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Piercing Line Pattern Fails To Find Confirmation
  • H4 Chart Reveals An Absence Of Reversal Signals

AUD/USD’s crash through the 0.8660 floor has left a Piercing Line pattern lacking confirmation, which may leave the pair exposed to further declines. The next definitive support rests some distance away at the July ’10 low near 0.8320. A close back above the 0.8660 barrier would be required to negate a bearish bias and suggest a base.

AUD/USD: Piercing Line Fails To Find Confirmation

AUD/USD Cut Through Key Support Negates Bullish Candlestick Pattern

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

Some intraday support appears to have been found near 0.8560 as noted by the four hour chart. However, with a lack of definitive reversal signals a corrective bounce is questionable.

AUD/USD: Absence Of Reversal Signals Casts Doubt On A Bounce

AUD/USD Cut Through Key Support Negates Bullish Candlestick Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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