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Forex Strategy: AUD/USD Facing Another Test of Critical 0.9300 Handle

Forex Strategy: AUD/USD Facing Another Test of Critical 0.9300 Handle

David de Ferranti, Currency Analyst

Talking Points

  • 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

Forex-Strategy-AUDUSD-Facing-Another-Test-of-Critical-0.9300-Handle_body_Picture_2.png, Forex Strategy: AUD/USD Facing Another Test of Critical 0.9300 Handle

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

Forex-Strategy-AUDUSD-Facing-Another-Test-of-Critical-0.9300-Handle_body_Picture_1.png, Forex Strategy: AUD/USD Facing Another Test of Critical 0.9300 Handle

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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