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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    AUD/USD Continues to Fall During Friday Trading

  2. Forex News

    AUD/USD Technical Analysis: Aussie Gaps to 6-Year Low

  3. Forex News

    Euro Plunges as Greece Rejects EU Debt Deal at Referendum

  4. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  5. Forex News

    Euro Faces Weekend Gap Risk with Greek Referendum Sunday

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!