- AUD/USD’s daily chart shows signs of buyer fatigue.
- A pullback to former hurdle-turned-support looks to be in the offing.
AUD/USD has traded back and forth so far today, forming a Doji candle, a sign of indecision, for the fourth straight day.
The multiple Doji candles have appeared following a near 90-degree rise from 0.6991 to 0.7340. In other words, indecision looks to be predominantly among the bulls. As such, a pullback could be in the offing, more so, as the 4-hour chart relative strength index has diverged in favor of the bears.
The immediate support is seen at 0.7243 (Oct. 9 high), followed by the 50-day simple moving average at 0.7174.
On the higher side, the Nov. 9 high of 0.7340 is the level to beat for the bulls.
Daily chart
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Trend: Pullback likely
Technical levels
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