AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

By DailyFx | August 21, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer Awaiting Confirmation From Close of Candle
  • 0.9210 Remains The Line In The Sand For The Aussie

The Australian Dollar has managed to reclaim some lost ground near the critical 0.9210 barrier as a Hammer formation emerges. However, the bullish reversal pattern awaits confirmation from the close of the current candle, and a successive up-day to be validated. A leap over the 0.9280 hurdle would open a retest of the recent highs near 0.9330/40 mark.

AUD/USD: Hammer Forming In Intraday Trade

AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

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

A closer examination of intraday price action on the four hour chart reveals a Piercing Line candlestick pattern emerging near 0.9240. Similarly to the daily, the reversal signal awaits confirmation, which if received would hint at an intraday recovery for the Aussie.

AUD/USD: Piercing Line Pattern Awaiting Confirmation

AUD/USD Regains Its Footing As A Hammer Emerges In Intraday Trade

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    AUD/USD Technical Analysis: Quiet Consolidation Cotninues

  2. Forex News

    AUD/USD Continues to Flirt with Important Behavior Change

  3. Forex News

    FX Crowd Positions Point to Continued US Dollar Losses, Euro Gains

  4. Forex News

    Australian Dollar Fails to Rally Above Key Resistance

  5. Forex News

    Trading Video: Dollar Reversal Still Lacking Drive, Pound Makes a Move

Trading Center