Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

| 31 mars, 2014 | 0 kommentarer

Talking Points

  • AUD/USD Technical Strategy: sidelines preferred
  • Bearish reversal signal emerges on daily, but awaits confirmation
  • Response to Dark Cloud Cover on the four hour chart may be limited

The Australian Dollar has come under selling pressure in recent trading following the formation of a Shooting Star candlestick on the daily chart (below). While considered a bearish reversal signal, the pattern needs to see confirmation from the close of a successive down period before being validated. Buyers may look to keep prices supported around former resistance at 0.9210.

AUD/USD: Rally Stalls As Shooting Star Forms

Forex-Strategy-AUDUSD-Stalls-Ahead-of-0.9300-As-Shooting-Star-Forms_body_Picture_2.png, Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

Daily Chart – Created Using FXCM Marketscope 2.0

Similarly a look at intraday price action on the four hour chart highlights warning signs of a potential decline for the AUD/USD. The Dark Cloud Cover candlestick pattern near 0.9300 suggests the bears may have taken control of prices. A break below support at 0.9210 may open up further falls back towards former resistance at the 0.9130 mark.

AUD/USD: Bears Wrestle Control of The Aussie In Intraday Trade

Forex-Strategy-AUDUSD-Stalls-Ahead-of-0.9300-As-Shooting-Star-Forms_body_Picture_1.png, Forex Strategy: AUD/USD Stalls Ahead of 0.9300 As Shooting Star Forms

4 Hour Chart – Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *