AUD/USD is showing technical bullish reversal signs.
The question is, are they enough to indicate a chance of a reversal of the trend?
Daily, 4-hour and Weekly charts are analyzed to weigh up the evidence.
“The trend is your friend,” traders like to say, and AUD/USD is in a downtrend overall.
At the same time it is showing some early technical signs – here and there – that point to a possible bullish reversal.
What are these signs and are they enough to suggest a reversal of the trend and the birth of a new bull trend in AUD/USD?
Early bullish clues?
The bullish signs are particularly clear on the short and intermediate term charts – or the 4-hour and daily timeframes.
The AUD/USD daily chart below, used to analyze the intermediate-term trend, is showing a bullish Dragonfly Doji candlestick reversal pattern (circled) at the recent Friday April 19 lows. This was followed by a green up day on Monday, which provides added bullish confirmation
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