AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
Dailyfx | Oct 01, 2014 02:57AM ET
Talking Points
- AUD/USD Technical Strategy: Shorts Preferred
- Piercing Line Lacking Confirmation Near 2014 Low
- Daily Close Below 0.8660 May Open 0.8320
AUD/USD is at a critical juncture as it teases at a break below the 0.8660 barrier. The sharp drop for the currency has left a Piercing Line pattern lacking confirmation - dashing hopes of a reversal for the pair. A daily close below the nearby floor could open the July ’10 low near 0.8320.
AUD/USD: Hopes For A Recovery Dashed With Piercing Line Lacking Confirmation
The Aussie has slid below intraday buying interest at the 0.8690 floor opening a test of the 2014 low near 0.8660 over the session ahead. A Harami pattern appears to be taking shape, yet awaits validation from a successive up period before it could hint at a bounce.
AUD/USD: Harami Emerging Near 2014 Low
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.