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AUD/USD set to print bearish engulfing bar on the weekly

FXStreet (Bali) – The Australian Dollar ended as the worst performing currency on Thursday, selling-off heavily after RBA Governor Stevens’s dovish comments.

Jim Langlands, Founder at FXCharts, notes: “The Australian Dollar took another hit, down to 0.9328 before a bounce to close at 0.9345. Hourly momentum now suggests a mild recovery may be possible, but further out the dailies suggest a test of 0.9300 may lie ahead.” It is worth noting that unless the Aussie can rebound strongly this Friday, the weekly chart will leave us with a sizeable bearish engulfing bar.

While no economic indicators are scheduled for release in Australia today, attention will be shifted to Luci Ellis, Head of the Financial Stability Department at the Reserve Bank of Australia (RBA), who is giving a speech to the 2014 Economic and Social Outlook Conference Hosted by the Melbourne Institute and The Australian in Melbourne.
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