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Talking Points

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

The Australian Dollar has managed to clear the 0.9330 barrier with a void of bearish candlesticks casting doubt on a correction. A leap over the nearby 0.9370 hurdle would 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 Probing 0.9370 Hurdle With Bearish Signals Lacking

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

The four hour chart reveals a similar narrative to the daily. A pair of Dark Cloud Cover formations were cast aside by the Aussie on its journey to 0.9370. This suggests the bulls may be in control of prices. Nonetheless intraday trade should be closely monitored for early warning signs of weakness.

AUD/USD: Bulls Regain Their Grip In Intraday Trade

AUD/USD Probing 0.9370 Hurdle With Bearish Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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