- AUD/USD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover pattern negated by bounce
- Bullish Engulfing pattern hints at further recovery
As noted in yesterday’s candlesticks report the June FOMC Meeting offered the potential for significant US Dollar volatility. The resulting price action post the meeting has negated the Dark Cloud Cover pattern near the 2014 highs for the Aussie, and resulted in a Bullish Engulfing formation. This suggests the AUD/USD may be primed for a run on its 2014 high near 0.9440.
AUD/USD: Bulls Return As Reversal Pattern Emerges
Daily Chart - Created Using FXCM Marketscope 2.0
A Doji near support at 0.9325 signaled signs of hesitation amongst traders which heralded the push higher for the Aussie. While resistance now looms nearby at 0.9435, we’re yet to see a bearish reversal pattern emerge that would warn of a correction.
AUD/USD: Doji Denoted Hesitation Near Support
4 Hour Chart - Created Using FXCM Marketscope 2.0
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.