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