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AUD/USD Regains Its Footing In Intraday Trade

Published 08/21/2014, 06:33 AM
Updated 07/09/2023, 06:31 AM

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Hammer Awaiting Confirmation From Close of Candle
  • 0.9210 Remains The Line In The Sand For The Aussie

The Australian dollar has managed to reclaim some lost ground near the critical 0.9210 barrier as a Hammer formation emerges. However, the bullish reversal pattern awaits confirmation from the close of the current candle, and a successive up-day to be validated. A leap over the 0.9280 hurdle would open a retest of the recent highs near 0.9330/40 mark.

AUD/USD: Hammer Forming In Intraday Trade

AUD/USD Daily Chart

A closer examination of intraday price action on the four hour chart reveals a Piercing Line candlestick pattern emerging near 0.9240. Similarly to the daily, the reversal signal awaits confirmation, which if received would hint at an intraday recovery for the Aussie.

AUD/USD: Piercing Line Pattern Awaiting Confirmation

AUD/USD 4 Hourly Chart

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