- AUD/USD Technical Strategy: Sidelines Preferred
- Long upper wick signals doubt amongst the bulls at resistance
- Test of key support awaits bullish candle to signal bounce
The Australian Dollar continues to consolidate within the 0.9320 to 0.9440 range with little in the way of clear candlestick signals to suggest a directional bias. While a long upper wick above 0.9440 on one of the daily candles suggests hesitation from the bulls it is insufficient to suggest a bearish reversal.
AUD/USD: Bulls Lose Steam Near Key Resistance
Taking a look at a shorter timeframe; the pair is testing noteworthy intraday support at 0.9360. However, at this stage bullish patterns appear absent for the pair, which casts doubt on the potential for a bounce over the session ahead.
AUD/USD: Testing Key Support With Reversal Patterns Absent
By David de Ferranti, Currency Analyst, DailyFX
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