DailyFX.com -

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Correction Questionable With Reversal Signals Lacking
  • Leap Over 0.9370 Hurdle Required To Open 0.9455

AUD/USD has stalled at the 0.9370 ceiling, yet an absence of reversal candlesticks warrants some skepticism over the potential for a correction. A leap over the nearby hurdle would be required open a clear run on the pair’s recent highs near 0.9455.

AUD/USD: Awaiting Break Of 0.9370 To Open Late July Highs

AUD/USD Awaiting Breakout Above Recent Highs To Open 0.9455

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

The four hour chart paints a contrasting picture to the daily. A Bearish Engulfing formation near the 0.9370 barrier may be offering an early warning of a correction. This leaves the spotlight on the 0.9327 mark over the session ahead which is likely to see buying interest renewed.

AUD/USD: Bearish Engulfing Pattern Warns Of An Intraday Correction

AUD/USD Awaiting Breakout Above Recent Highs To Open 0.9455

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Dollar Demand Strong at Start of Critical Economic Data Week

  2. Forex News

    A CLEAN DOWNTREND IN AUDUSD PLEASES RBA & TREND TRADERS

  3. Forex News

    AUD/USD Technical Analysis: Treading Water Near 0.73

  4. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  5. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!