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AUD/USD Eyes Further Gains In Absence of Bearish Reversal Signal

AUD/USD Eyes Further Gains In Absence of Bearish Reversal Signal

2014-05-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Clearance of 0.9300 opens 0.9375 then 0.9440
  • Absence of bearish signal suggests further gains

The Australian Dollar has finally cleared its recent trading range between 0.9210 and 0.9300. With the push above key resistance for the currency, an extension to the 0.9440 mark may be on the cards given the absence of a bearish reversal pattern on the daily. Interim resistance is offered by the 0.9375 mark.

AUD/USD: Clears Critical 0.9300 Handle

AUD/USD Eyes Further Gains In Absence of Bearish Reversal Signal

Daily Chart - Created Using FXCM Marketscope 2.0

The Bearish Engulfing pattern near 0.9375 delivered an intraday dip for the Aussie. With prices testing the notable resistance level during the Asian session, traders will be on the lookout for another reversal signal.

AUD/USD: Traders Await Bearish Signal Near Resistance In Intraday Trade

AUD/USD Eyes Further Gains In Absence of Bearish Reversal Signal

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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