- AUD/USD Technical Strategy: Sidelines Preferred
- Doji Denotes Indecision From Traders Near 0.9210
- Awaiting Climb Above 0.9280 Ceiling To Signal Turn
The Australian Dollar has managed to regain its footing in recent trading with a Doji candlestick signaling hesitation from the bears. While not classified as a key reversal pattern several prior Dojis near the 0.9210 range-bottom yielded recoveries shortly afterwards. A climb back above the 0.9280 mark would be required to mark a more significant turn and put the spotlight on the 0.9330 mark.
AUD/USD: Doji Denotes Indecision Near Key Support
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals a similar narrative to the daily. Several successive Doji formations indicate noteworthy indecision from traders near the 0.9280 barrier. The emergence of a bearish reversal candlestick would set the stage for a pullback to the 0.9240 floor over the session ahead.
AUD/USD: Struggling To Regain Lost Ground
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.