Forex Strategy: AUD/USD Facing Another Test of Critical 0.9300 Handle
- AUD/USD Technical Strategy: Pending Long
- Breakout from recent consolidation looms
- Pushabove 0.9300 may open advance to 0.9440
The AUD/USD is facing another test of the critical 0.9300 handle in early European trading. While there is some hesitation amongst traders as evidenced on the four hour chart, signs of a bearish reversal are at this stage lacking. An upside breakout would open an advance on the next noteworthy high at 0.9440.
AUD/USD: Prices Consolidate As Breakout Looms
Daily Chart - Created Using FXCM Marketscope 2.0
A look at intraday price action gives further evidence that prices continue to be compressed within a narrow range between 0.9210/3 and 0.9300, which suggests a breakout may be imminent. The Shooting Star formation failed to receive confirmation from a successive down period, which signals the bulls are still holding onto prices near key resistance.
AUD/USD: Bulls Knocking On 0.9300
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.