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AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low

AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low

2014-11-21 03:10:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat
  • Doji Suggests Indecision Near 2014 Low
  • Awaiting Bearish Signals In Intraday Trade

AUD/USD is at a critical juncture near its 2014 low with a Doji on the daily suggesting reluctance from the bears to lead the pair lower. Yet in the absence of key bullish reversal signals the prospect of a recovery is questionable. A downside break of the nearby barrier would potentially pave the way for a run on the July ’10 low near 0.8320.

AUD/USD: Doji Suggests Reluctance From The Bears Near Key Support

AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low

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

The four hour chart reveals the Aussie is struggling at the intraday 0.8660 barrier. The emergence of a bearish reversal pattern at the ceiling would be seen as a fresh opportunity to enter short positions.

AUD/USD: Awaiting Bearish Reversal Patterns In Intraday Trade

AUD/USD Doji Indicates Hesitation From The Bears Near 2014 Low

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

By David de Ferranti, Currency Analyst, DailyFX

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