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AUD/USD Struggles Sub 0.8540 As Candlesticks Signal Hesitation

AUD/USD Struggles Sub 0.8540 As Candlesticks Signal Hesitation

2014-12-02 08:28:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Short (From 0.8530), Stop: 0.8540 (Daily Close), Target: 0.8330
  • Doji On The Daily Suggests Indecision From Traders
  • H4 Morning Star Pattern Offers An Intraday Reversal Signal

AUD/USD has left a Doji formation in its wake suggesting hesitation from the bears to drag the pair lower. Yet amid a core downtrend, shorts remain preferred with a potential target offered by the July 2010 lows near 0.8320. A daily close above 0.8450 would be required to suggest a base for the pair.

AUD/USD: Doji Signals Indecision Persists

AUD/USD Struggles Sub 0.8540 As Candlesticks Signal Hesitation

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

The four hour chart paints a more constructive picture than the daily following the rise of a Morning Star pattern. This in turn opens the prospect of an intraday recovery. Yet given the context afforded by the daily the scope of a sustained advance is potentially limited.

AUD/USD: Morning Star Rises In Intraday Trade

AUD/USD Struggles Sub 0.8540 As Candlesticks Signal Hesitation

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

By David de Ferranti, Currency Analyst, DailyFX

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