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AUD/USD Cautious Ascent Continues With Bearish Candlesticks Lacking

AUD/USD Cautious Ascent Continues With Bearish Candlesticks Lacking

2014-11-13 00:45:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

AUD/USD: Cautious Ascent Continues With Bearish Candlesticks Lacking

AUD/USD Cautious Ascent Continues With Bearish Candlesticks Lacking

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

AUD/USD Cautious Ascent Continues With Bearish Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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