- AUD/USD Technical Strategy: Shorts Preferred
- Absence of Bullish Patterns Casts Doubt On A Recovery
- Dark Cloud Cover On H4 Offered Early Warning
The Australian Dollar’s recent plunge casts a bearish light on the currency with a void of reversal signals to suggest a recovery. A daily close below 0.9280 would set the stage for an extended decline to the range-bottom near 0.9210.
AUD/USD: Recovery Questionable With Bullish Candlesticks Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Dark Cloud Cover candlestick formation on the four hour chart offered an early warning of a retreat for the Aussie. Similarly to the daily timeframe, the absence of bullish reversal patterns leaves a recovery as questionable at this stage. A close above former support-turned-resistance at 0.9280 would be required to suggest an intraday bounce.
AUD/USD: Dark Cloud Cover Offered Ominous Warning
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.
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
- No results found.