AUD,NZD/FXWW News/Technical Analysis

AUD/USD technicals: Looking very indecisive on the 2-hour chart

I’m sure we have plenty of candlestick experts out there who can interpret this much better than I (see chart), but the 2-hour chart has been forming a lot of indecisive candles and I’m sure this is about to change sometime soon? I’m hoping that we go higher but another few sessions of .9200/.9325 range trading would certainly not surprise me.

  1. There’s actually a triangle on the hourly chart. I went short at 0.9240 when it looked like it broke down, then it went quickly to the other boundary, now it’s near the base again, it’s quite tiring really after the last two days of whipsawing.

  2. And now it looks like it closed the hour under the triangle. That could put 0.9185 in focus again.

    Also, there could be a head and shoulders pattern forming on the 4H USD/JPY chart.

  3. Thanks Sean, you’re right. It’s of course not that I like to sell it, I actually agree with you that a bottom should be found soon, but as we saw it, it just couldn’t go past the next hurdle so it might end up searching for stronger bids lower.

  4. Thanks Susanna, if my gut feel and my technical analysis don’t agree, I usually leave it alone as I get conflicted and don’t really commit to the trade

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