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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

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