AUD/USD Edges Higher In Absence Of Bearish Reversal Candlesticks

By DailyFx | August 15, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Dojis Highlighted Hesitation Near Range-Bottom
  • Absence of Reversal Signals Casts Doubt On A Correction

The Australian Dollar continues its cautious recovery with an absence of key reversal patterns suggesting the potential for further gains. A daily close above the former-range-bottom at 0.9330 would open a re-test of the recent highs near 0.9455.

AUD/USD: Dojis Highlighted Hesitation Near Range-Bottom

AUD/USD Edges Higher In Absence Of Bearish Reversal Candlesticks

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

Turning to the four hour chart reveals a similar narrative to the daily. A void of bearish reversal patterns casts doubt over the potential for a correction over the remainder of the session. This puts the spotlight on nearby intraday resistance at 0.9355.

AUD/USD: Spotlight On Intraday Resistance With Reversal Signals Missing

AUD/USD Edges Higher In Absence Of Bearish Reversal Candlesticks

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.

Related Forex Analysis
  1. AUD/USD Doji Suggests Hesitation From The Bulls In Intraday Trade
    Forex News

    AUD/USD Doji Suggests Hesitation From The Bulls In Intraday Trade

  2. AUD/USD Technical Analysis: Waiting to Confirm Reversal
    Forex News

    AUD/USD Technical Analysis: Waiting to Confirm Reversal

  3. AUD/USD Slopfest Will Produce Next Trend Move
    Forex News

    AUD/USD Slopfest Will Produce Next Trend Move

  4. Australian Dollar Remains in Clear Downtrend
    Forex News

    Australian Dollar Remains in Clear Downtrend

  5. Ranges Persist in USD-Pairs Post-FOMC Meeting
    Forex News

    Ranges Persist in USD-Pairs Post-FOMC Meeting

Trading Center