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AUD/USD Aims Higher As Reversal Candlesticks Remain Absent

AUD/USD Aims Higher As Reversal Candlesticks Remain Absent

2014-06-11 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Bearish reversal patterns remain missing on daily chart
  • Close above 0.9375 to open advance on 2014 high

The Australian Dollar is edging above the noteworthy resistance level at the 0.9375. A daily close above the mark would signal strong conviction amongst the bulls, and a potential advance towards the 2014 high near 0.9440. This comes as a bearish candlestick formation remains seemingly absent on the daily chart.

AUD/USD: Looking For Close Above 0.9375 To Signal Run on 0.9440

AUD/USD Aims Higher As Reversal Candlesticks Remain Absent

Daily Chart - Created Using FXCM Marketscope 2.0

The Gravestone Doji noted on the four hour chart failed to receive confirmation from a successive down-period, which left the bearish signal lacking follow-through. While a Hanging Man is now emerging near 0.9405, the candle has yet to close, which leaves a meaningful reversal signal absent. This suggests the Aussie may continue its ascent towards the next noteworthy resistance level near 0.9405.

AUD/USD: Aims Higher As Reversal Signal Fails To Find Confirmation

AUD/USD Aims Higher As Reversal Candlesticks Remain Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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