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AUD/USD Clings To Key Floor With Bullish Signals Lacking

AUD/USD Clings To Key Floor With Bullish Signals Lacking

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat, Pending Short On Close Below 0.8540
  • H4 Dragonfly Doji Suggests Indecision Near 2014 Low
  • Awaiting Breakout Below 0.8540 Floor To Open 0.8320

AUD/USD continues to keep traders in suspense near its 2014 low. An absence of key bullish reversal signals makes the prospect of a recovery 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: Awaiting Breakout Below Key Floor

AUD/USD Clings To Key Floor With Bullish Signals Lacking

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

The four hour chart reveals a Dragonfly Doji near the crucial 0.8540/50 floor. This signals indecision from traders, yet is not classed as a key reversal pattern. This in turn casts some doubt over a potential recovery over the session ahead.

AUD/USD: Dragonfly Doji Suggests Indecision Near Critical Barrier

AUD/USD Clings To Key Floor With Bullish Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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