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.

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center