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AUD/USD Bullish Candlestick Pattern Opens Further Gains

AUD/USD Bullish Candlestick Pattern Opens Further Gains

2014-05-14 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Key resistance cleared as bulls regain control
  • Bullish pattern on the four chart opens further gains

After several short trading sessions which left some Dojis on the daily chart, the Australian Dollar has finally pushed above resistance at 0.9375 in intraday trade. However, we’re yet to see the candle close, which would help signify conviction amongst the bulls and a possible extension to 0.9440.

AUD/USD: Clears Key Resistance In Intraday Trade

AUD/USD Bullish Candlestick Pattern Opens Further Gains

Daily Chart - Created Using FXCM Marketscope 2.0

The Bearish Engulfing patternon the four hour chart that was noted in yesterday’s report delivered an intraday dip for the Aussie. However with a break above 0.9375/85 and a Bullish Engulfing pattern now in play, we may see a run on the next noteworthy level of resistance at 0.9425/30.

AUD/USD: Bullish Pattern Opens 0.9425/30

AUD/USD Bullish Candlestick Pattern Opens Further Gains

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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