AUD/USD Sustained Strength Questionable With A Doji In Its Wake

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Doji Indicates Bulls Lacking Steam At Nearby Resistance
  • Break of Trading Band Needed To Offer Clearer Signals

The Australian Dollar continues to edge cautiously higher with a Doji on the daily doing little to inspire confidence in a sustained upswing. A daily close above the former-range-bottom at 0.9330 would open a re-test of the recent highs near 0.9455.

AUD/USD: Doji Suggests Indecision Shy of Nearby Barrier

AUD/USD Sustained Strength Questionable With A Doji In Its Wake

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

The four hour chart offered an early indication of a potential push higher for the Aussie. Sellers sitting at intraday resistance near 0.9335 may slow the pair’s ascent. However, an absence of bearish reversal signals casts doubt on the potential for a correction over the session ahead.

AUD/USD: Reversal Signals Lacking On Journey To Intraday Barrier

AUD/USD Sustained Strength Questionable With A Doji In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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