AUD/USD Awaiting Breakout Above Recent Highs To Open 0.9455

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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AUD/USD Awaiting Breakout Above Recent Highs To Open 0.9455