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AUD/USD Remains Vulnerable Amid Void Of Bullish Reversal Signals

AUD/USD Remains Vulnerable Amid Void Of Bullish Reversal Signals

2014-11-07 05:28:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Remains Vulnerable With Bullish Reversal Signals Lacking
  • Short Body Candles On H4 Demonstrate Indecision

AUD/USD’s woes have continued in recent trade with an absence of reversal signals suggesting the prospect of further declines. Following the crash through 0.8660 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: Absence Of Reversal Signals Casts Immediate Risks Lower

AUD/USD Remains Vulnerable Amid Void Of Bullish Reversal Signals

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

Some indecision appears evident at the 0.8560 mark as denoted by several short body candles. Yet similarly to the daily a void of reversal signals casts some doubt over a corrective bounce.

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

AUD/USD Remains Vulnerable Amid Void Of Bullish Reversal Signals

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

By David de Ferranti, Currency Analyst, DailyFX

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