AUD/USD Awaits Daily Close Above Resistance To Open 2014 High

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • 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

AUD/USD Awaits Daily Close Above Resistance To Open 2014 High

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

AUD/USD Awaits Daily Close Above Resistance To Open 2014 High

4 Hour Chart - Created Using FXCM Marketscope 2.0

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

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    AUD/USD to Eye March High on Less-Dovish RBA, Fed Delay

  3. Forex News

    AUD/USD Technical Analysis: Quiet Consolidation Cotninues

  4. Forex News

    AUD/USD Continues to Flirt with Important Behavior Change

  5. Forex News

    FX Crowd Positions Point to Continued US Dollar Losses, Euro Gains

Trading Center