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AUD/USD Technical Strategy: Shorts Preferred
Remains Vulnerable With Bullish Reversal Signals Lacking
Short Body Candles On H4 Demonstrate Indecision
AUD/USD’s woes have continued in recent trade with an absence of reversal signals suggesting the prospect of further declines. Following the crash through 0.8660 the next definitive support rests some distance away at the July ’10 low near 0.8320. A close back above the 0.8660 barrier would be required to negate a bearish bias and suggest a base.
AUD/USD: Absence Of Reversal Signals Casts Immediate Risks Lower
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
Some indecision appears evident at the 0.8560 mark as denoted by several short body candles. Yet similarly to the daily a void of reversal signals casts some doubt over a corrective bounce.
AUD/USD: Absence Of Reversal Signals Casts Doubt On A Bounce
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
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