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. Forex News

    AUD/USD Technical Analysis: Aussie Rallies Most in 2 Months

  2. Forex News

    Video: Dollar and Aussie Dollar Rally on Monetary Policy Updates

  3. Forex News

    AUDUSD Rebound Faces Initial Hurdle- Longs Scalps Favored Above 7365

  4. Forex News

    AUD Breaks Out on RBA- NZD Outlook Hinges on Job/Wage Growth

  5. Forex News

    Range in USDOLLAR Index Offers Opportunities on Both Sides This Week

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!