AUD/USD Awaiting Breakout Above Recent Highs To Open 0.9455

By DailyFx | August 29, 2014 AAA

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

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