AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

By DailyFx | September 03, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Delivers Drop Below 0.9300
  • H4 Chart Offers Sign Of Hope To The AUD Bulls

AUD/USD is in a precarious position as the pair threatens a descent on the 0.9210 floor in the wake of a Dark Cloud Cover pattern. Given the proximity of current prices to the noteworthy support level it the juice left to squeeze appears somewhat limited. This leaves awaiting a break of the pair’s narrow corridor preferred between 0.9210 and 0.9500 preferred before adopting fresh positions.

AUD/USD: Dark Cloud Cover Puts Range-Bottom In Sight

AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

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

The four hour chart offers a source of hope for the Aussie Dollar bulls. A Morning Star formation near the session lows at 0.9271 suggests the potential for an intraday recovery. Yet selling pressure at former support-turned-resistance at 0.9327 may limit the potential upside for the pair.

AUD/USD: Morning Star Hints At Intraday Recovery

AUD/USD Bearish Candlestick Pattern Puts Range-Bottom In Sight

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. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center