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AUD/USD Threatens Break Of Range-Top With Reversal Signals Absent

AUD/USD Threatens Break Of Range-Top With Reversal Signals Absent

2014-07-23 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Upside breakout may have legs to continue run in absence of bearish patterns
  • Awaiting daily close above 0.9440 to confirm conviction amongst the bulls

The Australian Dollar is threatening a break above its long-held range-top at 0.9440 with an absence of bearish candlesticks casting doubt on a correction. Given the significance of the resistance level over recent months, a daily close would be required to signal enough conviction amongst traders to open up a run on the 0.9540 mark.

AUD/USD: Probe Above Key Resistance Awaits Daily Close

AUD/USD Threatens Break Of Range-Top With Reversal Signals Absent

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Reversal candlesticks are similarly lacking on the four hour timeframe, which makes a pullback look doubtful at this point. Given the context afforded by the daily waiting for a close above resistance at 0.9440 may offer the requisite conditions for a sustained upside breakout.

AUD/USD: Awaiting Confirmation Of An Upside Breakout

AUD/USD Threatens Break Of Range-Top With Reversal Signals Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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