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Forex Strategy: AUD/USD Vaults Above Range-Top At 0.9300

Forex Strategy: AUD/USD Vaults Above Range-Top At 0.9300

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Longs Preferred
  • Breakout from recent consolidation looms
  • Pushabove 0.9300 may open advance to 0.9440

The Aussie has staged an upside breakout in late Asian trading as bulls push prices above the critical 0.9300 handle. At this stage a bearish reversal signal is missing on both the daily and four hour time frames, which suggests the potential for an extended advance towards 0.9440.

AUD/USD: Bulls Take Charge As Prices Push Above 0.9300

Forex-Strategy-AUDUSD-Vaults-Above-Range-Top-At-0.9300_body_Picture_2.png, Forex Strategy: AUD/USD Vaults Above Range-Top At 0.9300

Daily Chart - Created Using FXCM Marketscope 2.0

A look at intraday price action on the four hour chart reveals that the upside breakout was preceded by a drawn-out struggle between traders between 0.9210 and 0.9300. With the bulls having won out and a reversal signal lacking, further gains are on the table.

AUD/USD: Vaults Above Recent Range

Forex-Strategy-AUDUSD-Vaults-Above-Range-Top-At-0.9300_body_Picture_1.png, Forex Strategy: AUD/USD Vaults Above Range-Top At 0.9300

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.