AUD/USD Awaiting Reversal Signal Near Key Resistance
- AUD/USD Technical Strategy: Sidelines Preferred
- Bearish reversal patterns remain missing on daily chart
- Daily close above 0.9375 to open advance on 2014 high
The Australian Dollar is once again edging above the noteworthy resistance level at the 0.9375 in intraday trade. 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: Daily Close Above 0.9375 To Signal Run on 0.9440
Daily Chart - Created Using FXCM Marketscope 2.0
Several candles with long wicks between 0.9375 and 0.9400 on the four hour chart demonstrates significant indecision amongst traders between the two notable levels. Similarly to the daily chart, a close above 0.9400 would signal enough faith amongst buyers to push the Aussie higher, which could see 0.9440 tested over the session ahead.
AUD/USD: Coiled Like A Spring Below 0.9400
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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