AUD/USD Harami Candlestick Pattern Drives Continued Recovery

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Haramidelivers a recovery to 0.9400 for the Aussie
  • Dark Cloud Coverwarns of an intraday dip

The Australian Dollar has been afforded a recovery on the back of a Harami candlestick formation on the daily chart. The key reversal pattern suggests a potential push back to resistance at 0.9440. However, traders should also be wary of the potential for the bears to regain control of price action given the warning provided last week by a Dark Cloud Cover formation.

AUD/USD: Harami Yields A Recovery, 0.9440 In Focus

AUD/USD Harami Candlestick Pattern Drives Continued Recovery

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

A Dark Cloud Cover formation on the four hour chart warns of some intraday weakness over the session ahead. However with support resting nearby at 0.9385 the extent of any declines may be limited.

AUD/USD: Dark Cloud Cover Warns Of Intraday Retreat

AUD/USD Harami Candlestick Pattern Drives Continued Recovery

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

Related Forex Analysis
  1. Forex News

    AUD/USD Technical Analysis: Aussie Drops Most in Six Weeks

  2. Forex News

    FOMC Preview and Trade Setups in EUR/USD, USD/JPY, AUD/USD

  3. Forex News

    AUD/USD Technical Analysis: Digesting Losses at 4-Year Low

  4. Forex News

    AUD/USD Awaits Breach Of 0.8200 Barrier To Recast Risks Lower

  5. Forex News

    AUD/USD Dripping Along Lower Parallel

Trading Center