AUD/USD Remains At Risk With Bullish Reversal Signals Lacking

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 remains in a precarious position following is slide below the 0.9210 floor which has left a void of reversal candlesticks. This casts the spotlight on the 0.8990/0.9000 barrier with the possibility of some small buying interest at the 0.9130 mark.

AUD/USD: Breakout Leaves Void Of Bullish Reversal Signals

AUD/USD Remains At Risk With Bullish Reversal Signals Lacking

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

A Piercing Line pattern on the four hour chart offered an early indication of an intraday recovery for the Aussie. Yet heavy selling pressure remains evident at the 0.9210 barrier. The close of the current candle may yield a Dark Cloud Cover formation, which would warn of a retreat to the recent lows near 0.9120.

AUD/USD: Dark Cloud Cover Taking Shape In Intraday Trade

AUD/USD Remains At Risk With Bullish Reversal Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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