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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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