- AUD/USD Technical Strategy: Shorts Preferred
- Dark Cloud Cover pattern offered ominous warning
- Harami pattern on four hour chart delivered declines
As suggested in the last candlesticks report, a Dark Cloud Cover pattern on the AUD/USD daily chart offered an ominous warning for a correction. A daily close below support at 0.9375 would open up the range-bottom near 0.9210.
AUD/USD: Reversal Signal Near 2014 Warns Of A Correction
Daily Chart - Created Using FXCM Marketscope 2.0
The Harami pattern near 0.9435 offered an early signal that Australian Dollar could pull back. With a bullish reversal signal yet to emerge the currency may struggle to recover ground over the session ahead.
AUD/USD: Recovery Looks Doubtful With Bullish Signal Absent
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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