AUD/USD 0.9320 Floor In Focus Following Dark Cloud Cover Formation

By DailyFx | July 30, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Cover Suggests Declines To Continue
  • Recovery Doubtful In Absence Of Reversal Signals

The Australian Dollar may be set to extend its recent declines following the emergence of a Dark Cloud Cover candlestick formation near the currency’s range-top. An absence of bullish reversal signals casts doubt on a recovery and puts the 0.9320 floor in focus.

AUD/USD: Dark Cloud Cover Pattern Warns Of Pullback To Range-Bottom

AUD/USD 0.9320 Floor In Focus Following Dark Cloud Cover Formation

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

A Hanging Man on the four hour chart offered an early warning signal of a potential correction over the session. Several Dojis near 0.9380 suggested indecision from traders yet reversal signals remain lacking. Buyers are likely to emerge at intraday support near 0.9360.

AUD/USD: Eyeing Intraday Support With Reversal Signals Lacking

AUD/USD 0.9320 Floor In Focus Following Dark Cloud Cover Formation

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

comments powered by Disqus
Related Forex Analysis
  1. US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound
    Forex News

    US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

  2. USD/JPY trying to get above 109.50
    Forex News

    USD/JPY trying to get above 109.50

  3. EUR/USD Technical Analysis: Euro Trying to Expose 1.26
    Forex News

    EUR/USD Technical Analysis: Euro Trying to Expose 1.26

  4. US Dollar Technical Analysis: Working on Fifth Straight Gain
    Forex News

    US Dollar Technical Analysis: Working on Fifth Straight Gain

  5. USD/JPY Technical Analysis: Range-Bound Below 110.00 Mark
    Forex News

    USD/JPY Technical Analysis: Range-Bound Below 110.00 Mark

Trading Center