AUD/USD Cautious Ascent Continues With Bearish Candlesticks Lacking
- Strategy: Flat
- Missing Reversal Signals May Open Further Gains
- Shooting StarAwaiting Confirmation On H4 Chart
AUD/USD’s recovery has continued amid of an absence of bearish candlestick formations. However, with lingering signs of a near-term downtrend a clean run higher may prove difficult. A slide back below 0.8660 would return the risks to the recent lows near 0.8540.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart should be closely monitored for intraday warning signs that the bulls may have lost steam. Already a Gravestone Doji suggests some fading upside momentum. A more definitive reversal signal would open the prospect of a pullback over the session ahead.
AUD/USD: Gravestone Doji Suggests Reluctance From The Bulls In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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