DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Coversignals potential for continued pullback
  • Harami pattern awaiting confirmation on daily chart

The Australian Dollar is in a precarious position with a Dark Cloud Cover pattern on the daily warning of a continued correction for the currency. However, hope remains for the Aussie bulls with a Harami pattern emerging in recent trade. Before suggesting a bounce back to 0.9440 the pattern requires confirmation from a successive up-day.

AUD/USD: Dark Cloud Cover Offers Ominous Warning

AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

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

Examining the four hour chart a Piercing Line pattern hints at an intraday recovery, which may see sellers emerge at the 0.9385 mark.

AUD/USD: Piercing Line Pattern Suggests Intraday Bounce

AUD/USD Downside Risks Remain With Dark Cloud Cover On The Daily

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

    A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?

  2. Forex News

    Australian Dollar Recovery May Resume After US-Linked Interlude

  3. Forex News

    AUDUSD SSI Shifts to Net Buyers

  4. Forex News

    USD/CAD, USD/JPY Seen as Most Resilient USD-Pairs

  5. Forex News

    AUD/USD Technical Analysis: Aussie Pauses to Digest Losses

Trading Center