AUD/USD Recovery Questionable As Harami Fails To Find Follow-Through

By DailyFx | August 06, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Harami Offers Bullish Reversal Signal Near 0.9320
  • H4 Demonstrates Absence of Key Bearish Patterns

The Australian Dollar continues to consolidate after a Harami pattern on the daily failed to find upside follow-through. This places doubt over a recovery for AUD/USD which is further warranted by the close proximity to selling pressure at 0.9330. Clearance of the nearby hurdle would be required to yield a drive to the range-top at 0.9440.

AUD/USD: Recovery Remains Questionable

AUD/USD Recovery Questionable As Harami Fails To Find Follow-Through

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

An Evening Star formation on the four hour chart offered an early warning of a retreat for the Aussie. With bullish reversal patterns seemingly missing a sustained push towards intraday resistance at 0.9338 is doubtful.

AUD/USD: Evening Star Sees Bears Return

AUD/USD Recovery Questionable As Harami Fails To Find Follow-Through

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. Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions
    Forex News

    Weekly Forecast: FX Volatility to Persist on Key Data, Rate Decisions

  2. AUD Poised For Intraday Volatility On Torrent Of Top-Tier Data
    Forex News

    AUD Poised For Intraday Volatility On Torrent Of Top-Tier Data

  3. AUD/USD Doji Suggests Hesitation From The Bulls In Intraday Trade
    Forex News

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

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

    AUD/USD Technical Analysis: Waiting to Confirm Reversal

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

    AUD/USD Slopfest Will Produce Next Trend Move

Trading Center