AUD/USD Doji Suggests Hesitation From The Bulls In Intraday Trade
Dailyfx | Oct 31, 2014 05:51AM ET
Talking Points
- AUD/USD Technical Strategy: Shorts Preferred
- Bearish Candlestick Pattern Finds Little Follow-Through
- H4 Suggests Indecision As Denoted By A Doji Formation
AUD/USD has witnessed a lackluster response to a Bearish Engulfing formation casting some doubt over the potential for a pullback. Yet the proximity of prices to the nearby range-top also limits the scope for an advance. This leaves shorts preferred with a daily close above the 0.8885 ceiling required to negate a bearish technical bias.
The four hour chart suggests the bulls are already showing signs of hesitation near the 0.8830 barrier as denoted by a Doji formation. The intraday timeframe should be closely monitored as the close of a strong ‘down candle’ would yield an Evening Star formation. Such a key reversal formation would warn of a retreat to the 0.8735 mark over the session ahead.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.