AUD/USD Breaches 0.8660 Amid Absence Of Bearish Signals
- Strategy: Flat
- Missing Reversal Signals May Open Further Gains
- Shooting Star Awaiting Confirmation On H4 Chart
AUD/USD has managed to edge out a daily close beyond the 0.8660 threshold with a void of bearish reversal signals potentially opening further gains. However, with lingering signs of a downtrend a clean run higher may prove difficult. A slide back below 0.8660 would return the risks to the recent lows near 0.8540.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart should be closely monitored for intraday warning signs that the bulls have lost steam. Such a signal may be offered if a Shooting Star is confirmed by an ensuing down-period.
AUD/USD: Shooting Star Awaits Confirmation To Suggest Turning Point
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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