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AUD/USD Awaiting Bearish Signal Near 2014 High

AUD/USD Awaiting Bearish Signal Near 2014 High

David de Ferranti, Currency Analyst

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 following the formation of a Dragonfly Doji on the daily. 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 Awaiting Bearish Signal Near 2014 High

Daily Chart - Created Using FXCM Marketscope 2.0

The 4 hour chart continues to demonstrate hesitation from traders near the 0.9375/85 level of resistance. However, it may be too soon to call for a correction given the lack of a key reversal signal.

AUD/USD: Doji Highlights Indecision Near 0.9385

AUD/USD Awaiting Bearish Signal Near 2014 High

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.