AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

By DailyFx | July 10, 2014 AAA

DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Haramidelivers a recovery to 0.9440 for the Aussie
  • Warningoffered by a Shooting Star forming on the daily

The Australian Dollar has been afforded a recovery on the back of a Harami candlestick formation on the daily chart. The key reversal pattern suggested a push back to resistance at 0.9440. However, given the strength of selling pressure at the key level, a breakout may be difficult. With a Shooting Star now forming during the Asian session traders should be wary of the potential for a pullback.

AUD/USD: Shooting Star Forming Near Key Resistance

AUD/USD Retreats As A Bearish Pattern Forms In Intraday Trade

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

Taking a look at intraday price action; a Bearish Engulfing pattern on the four hour chart warns of weakness for the Aussie over the session ahead. A close of the candle below support at 0.9385 would pave the way for a retreat to 0.9325.

AUD/USD: Bearish Engulfing Pattern Warns Of Intraday Retreat

AUD/USD Retreats As A Bearish Pattern Forms 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

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Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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