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AUD/USD Downside Risks Remain With Bullish Reversal Patterns Lacking

AUD/USD Downside Risks Remain With Bullish Reversal Patterns Lacking

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Short (From 0.8530), Stop: 0.8540 (Daily Close), Target: 0.8330
  • Bullish Reversal Signals Lacking On The Daily & H4
  • Slide Below The 0.8540 Floor May Open 0.8320

AUD/USD has pushed into waters not witnessed since 2010 with an absence of bullish reversal patterns opening the prospect of further declines. This has created a fresh opportunity for short positioning with a downside target offered by the July ’10 low near 0.8320.

AUD/USD: Clearance Of 0.8540 Hurdle Opens 0.8320

AUD/USD Downside Risks Remain With Bullish Reversal Patterns Lacking

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

The four hour chart paints a less bearish picture than the daily with a Doji suggesting reluctance from the bears. Yet with more definitive reversal signals lacking the potential for a corrective bounce appears limited at this stage.

AUD/USD: Lacking Bullish Reversal Signals In Intraday Trade

AUD/USD Downside Risks Remain With Bullish Reversal Patterns 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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