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AUD/USD Eyes 0.9500 With Bearish Reversal Signal Missing

AUD/USD Eyes 0.9500 With Bearish Reversal Signal Missing

David de Ferranti, Currency Analyst

Talking Points

  • 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

AUDUSD-Eyes-0.9500-With-Bearish-Reversal-Signal-Missing_body_Picture_2.png, AUD/USD Eyes 0.9500 With Bearish Reversal Signal Missing

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

AUDUSD-Eyes-0.9500-With-Bearish-Reversal-Signal-Missing_body_Picture_1.png, AUD/USD Eyes 0.9500 With Bearish Reversal Signal Missing

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.

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