News Column

AUD/USD Doji Denotes Deliberation From Traders Near Key Support

May 26, 2014

David de Ferranti

Talking Points



  • AUD/USD Technical Strategy: Sidelines Preferred
  • 0.9210 mark continues to provide support
  • Traders look past bullish signals in intraday trade



    The Australian Dollar bulls remain prepared to support the currency at the 0.9210 mark. While a Doji indicates some hesitation from the bears, a key reversal candlestick pattern remains absent on the daily, which suggests a recovery may be limited.





    AUD/USD: Doji Suggests Trader Indecision Near 0.9210

    AUD/USD Doji Denotes Deliberation From Traders Near Key Support





    Despite a couple bullish signals near support at 0.9210/3 in intraday trade, a recovery for the Aussie has failed to gain traction. This casts doubt over the potential for a bounce over the session ahead, which would likely be limited by sellers sitting at the 93 US cent handle.





    AUD/USD: Recovery Fails To Gain Traction

    AUD/USD Doji Denotes Deliberation From Traders Near Key Support













    Follow David on Twitter: @Davidde





    Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.










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    Source: DailyFx


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