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AUD/USD Candlestick Analysis: Candle Setup Hints at Bounce

AUD/USD Candlestick Analysis: Candle Setup Hints at Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • AUD/USD Strategy: Flat
  • Candle Setup Hints at Aussie Rebound
  • Dominant Trend Still Looks Bearish

The Australian Dollar may be carving out an interim bottom against its counterpart, marked by the appearance of a bullish Morning Star candlestick pattern. A break above falling channel resistance at 0.7800 exposes the 23.6% Fibonacci retracement at 0.7998. Alternatively, a move below the intersection of channel floor support and the 23.6% Fib expansion at 0.7478 targets the 38.2% threshold at 0.7194.

The dominant AUD/USD trend looks to still favor the downside. With that in mind, any on-coming gains are likely to be corrective and represent a future selling opportunity rather than a trade-able advance.

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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