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AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Longs Preferred
  • Pushabove 0.9300 opensadvance to 0.9440
  • Monitoring Hanging Man on four hour chart

The Aussie has staged an upside breakout above the critical 0.9300 handle in recent trading. At this stage a bearish reversal signal is missing on the daily time frame, which suggests the potential for an extended advance towards the next definitive level of resistance at 0.9440.

AUD/USD: Bulls Take Charge As Prices Push Towards 0.9440

AUDUSD-Hanging-Man-In-Focus-As-Prices-Edge-Out-Fresh-2014-Highs_body_Picture_2.png, AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

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. While the bulls ultimately won out, a Hanging Man formation suggests the bears may be looking to return. However, the reversal signal requires confirmation from an ensuing down-period before being validated.

AUD/USD: Hanging Man Awaits Confirmation

AUDUSD-Hanging-Man-In-Focus-As-Prices-Edge-Out-Fresh-2014-Highs_body_Picture_1.png, AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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