AUD/USD Awaiting Bearish Signal Near 2014 High
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.