DailyFX.com -

Talking Points

  • 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

AUD/USD Bounces On The Back Of A Hammer Candlestick

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

AUD/USD Bounces On The Back Of A Hammer Candlestick

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Australian Dollar Drops as Capex Data Fuels RBA Rate Cut Bets

  2. Forex News

    AUD/USD Technical Analysis: Aussie Drops to Monthly Low

  3. Forex News

    AUDUSD Testing Key Support- Short Scalps Vulnerable Above 7680

  4. Forex News

    US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

  5. Investing

    AUD/USD Forex signal May 27, 2015

Trading Center