- AUD/USD Technical Strategy: Sidelines Preferred
- Harami hints at a further recovery for the Aussie
- Piercing Line pattern delivered intraday gains
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 Hints At Recovery
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
As noted in yesterday’s commodities report, a Piercing Line pattern on the four hour chart hinted at an intraday recovery for the Aussie to 0.9385. With a Shooting Star now forming the pair could be primed for a pullback in the session ahead. However, the candle needs to close before offering a valid signal.
AUD/USD: Piercing Line Pattern Provided Intraday Bounce
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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