AUD/USD Bulls Hesitate As Doji Forms
Dailyfx | Aug 18, 2014 05:18AM ET
Talking Points
- AUD/USD Technical Strategy: Sidelines Preferred
- Doji Indicates Bulls Lost Steam At Nearby Resistance
- Break of Trading Band Needed To Offer Clearer Signals
The Australian dollar is searching for direction above the 0.9280 mark with a Doji on the daily suggesting indecision amongst traders. 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: Bulls Lose Steam On Test of Nearby Resistance
The four hour chart reveals a similar narrative to the daily. Choppy price action has seen several reversal signals emerge, yet few have found follow-through. Given the context afforded by the daily; a break of the 0.9280-0.9330 trading band would be required to offer a clearer technical basis.
AUD/USD: Reversal Signals See Little Follow-Through
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