AUD/USD Eyes 0.9500 With Bearish Reversal Signal Missing
- AUD/USD Technical Strategy: Longs Preferred
- Pushabove0.9440 opensadvance to 0.9540
- Absence of bearish signal favors further gains
As noted in yesterday’s candlesticks report the Australian Dollar was eyeing an advance to 0.9440 following a breakout above critical resistance at 0.9300. With a bearish reversal signal missing on both the daily and four hour time frames an extended advance towards 0.9540 looks possible.
AUD/USD: Bulls Take Charge As Prices Push Towards 0.9540
Daily Chart - Created Using FXCM Marketscope 2.0
A look at intraday price action on the four hour chart reveals that bulls remain in control of prices. While there had been hints of a reversal from the Hanging Man formation, the pattern failed to find much follow-through.
AUD/USD: Open To Further Gains As Reversal Signal Missing
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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