- AUD/USD Technical Strategy: Sidelines Preferred
- Hammer Candlestick Offers Some Hope To The Bulls
- Leap Over 0.9330 Hurdle Required To Open 0.9455
AUD/USD has managed to find some fuel to mount a small recovery with a Hammer formation offering a sign of hope for the bulls. However, the pair is heading towards a zone that has seen heavy selling pressure emerge in the past, which may threatens to slow its advance. A climb over the 0.9330 hurdle would be required to shift the immediate risk higher for a test of 0.9455.
AUD/USD: Hammer Awaits Confirmation To Offer Bullish Signal
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Bullish Engulfing candlestick pattern on the four hour chart offered an early indication of a potential bounce for the Aussie. A lack of bearish signals casts doubt over the possibility of a correction over the session ahead.
AUD/USD: Bullish Engulfing Pattern Offered Early Indication Of A Bounce
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.
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.