AUD/USD Eyes 0.9000 Amid Void Of Key Reversal Candlesticks

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Absence of Reversal Patterns Suggests Declines To Continue
  • Push Past 0.9130 To Open Run On 0.8990/0.9000

AUD/USD may have further to fall as an absence of bullish reversal candlestick patterns casts some doubt on a corrective bounce. This pair’s seamless push past the 0.9130 mark casts the spotlight on the 0.8990/0.9000 barrier.

AUD/USD: Breakout Leaves Void Of Bullish Reversal Signals

AUD/USD Eyes 0.9000 Amid Void Of Key Reversal Candlesticks

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

As noted in yesterday’s candlesticks report the four hour chart was warning of an intraday correction for the Aussie. A Bearish Engulfing formation near the 0.9210 barrier indicated a shift in sentiment for the currency. Against the backdrop offered by the daily, the push below the 0.9120 floor may open the 0.9000 handle.

AUD/USD: Bearish Engulfing Pattern Delivers Intraday Drop

AUD/USD Eyes 0.9000 Amid Void Of Key Reversal Candlesticks

4 Hour Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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