We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Iranian Ambassador to China: "The US' unilateral sanctions on Iran will turn to genocide against Iran if the international community succumbs to US bullying" - Global Times That is some intense wording. Last thing markets need now is escalated geopolitical tensions.
  • China sets the Yuan reference rate vs #USD at 7.0477 (BBG)
  • South Korea coronavirus death toll rises by 6 to 158 following reports that the country had confirmed 78 more additional cases, bringing the total to 9,661 (BBG) #USDKRW #covid19
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/skDq5iLemR
  • Singapore MAS eases policy and reduced the currency band slope to zero. (BBG) Learn more about how to trade #USDSGD here - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/x0FHuNIsJ5
  • RT @JPan_IG: SINGAPORE CENBANK SAYS MAS WILL ADOPT A ZERO PERCENT PER ANNUM RATE OF APPRECIATION OF THE POLICY BAND STARTING AT THE PREVAIL…
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/rUp1G9zzxj
  • #SPX futures down over 1.5% too, echoing risk-off bias https://t.co/Z0n4L156tl
  • MARKET SNAPSHOT: #ASX200 modestly higher in early trade but #Nikkei futures down over 2.5% before Tokyo trading open. #USD and #JPY leading the way higher in G10 FX, hinting at risk-off tilt, but #AUD and #NZD recovering from earlier losses
Forex Strategy: AUD/USD Breaks Above 0.9160 With Reversal Signal Absent

Forex Strategy: AUD/USD Breaks Above 0.9160 With Reversal Signal Absent

2014-03-26 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • AUD/USD Technical Strategy: longs preferred on breakout
  • Dragonfly Doji on the four hour chart resulted in an intraday bounce
  • Absence of bearish reversal pattern opens continued advance

The Australian Dollar has pushed above the key 0.9160 resistance level in recent trading with sellers capping further gains for the currency at the 0.9200 mark for the time-being. While a Bearish Engulfing formation had warned of declines for the Aussie, it failed to receive confirmation from a successive session of declines. With a key reversal candlestick pattern now lacking on both the daily and four hour charts, the AUD/USD may advance on 0.9340 (61.8% Fib Retracement Level) if a breakout above 0.9200 occurs.

AUD/USD: Break above 0.9200 May Open 0.9340

Forex-Strategy-AUDUSD-Breaks-Above-09160-With-Reversal-Signal-Absent_body_Picture_2.png, Forex Strategy: AUD/USD Breaks Above 0.9160 With Reversal Signal Absent

Daily Chart - Created Using FXCM Marketscope 2.0

The Dragonfly Doji near the 0.9000 support level on the four hour chart helped indicate the potential for a bullish reversal for the AUD/USD. The Doji now forming near 0.9200 suggests some hesitation amongst traders, yet a successive down period would be needed before suggesting a potential reversal.

AUD/USD: Dragonfly Doji Foreshadowed AUD/USD bounce

Forex-Strategy-AUDUSD-Breaks-Above-09160-With-Reversal-Signal-Absent_body_Picture_1.png, Forex Strategy: AUD/USD Breaks Above 0.9160 With Reversal Signal Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.