(MENAFN- DailyFX) DailyFX.com - r>
Talking Points
-
Strategy: Short (From 0.8530) Stop: 0.8540 (Daily Close) Target: 0.8330
-
Absence of Bullish Reversal Candlesticks Keeps Risks Lower
-
H4 Morning Star Pattern Offers An Intraday Reversal Signal
" style="text-align:justify">
AUD/USD has resumed its descent in recent trade with an absence of bullish reversal signals present. Amid a core downtrend shorts remain preferred with a potential target offered by the July 2010 lows near 0.8320. A daily close above 0.8450 would be required to suggest a base for the pair.
AUD/USD: Descent Resumes Amid Void Of Bullish Reversal Candlesticks
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart reveals a Morning Star formation was left lacking confirmation from a successive up period. With a similar void of bullish signals to the daily the risks may be skewed lower for the Aussie over the session ahead. Sellers appear to be sitting near former support-turned-resistance at 0.8416.
AUD/USD: Risks Skewed Lower Amid Absence Of Bullish Signals
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
Follow David on Twitter: @DaviddeFe
To receive David’s analysis directly via email please sign up here
" style="text-align:justify">
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.