AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

| 9 april, 2014 | 0 kommentarer

Talking Points

  • AUD/USD Technical Strategy: Longs Preferred
  • Pushabove 0.9300 opensadvance to 0.9440
  • Monitoring Hanging Man on four hour chart

The Aussie has staged an upside breakout above the critical 0.9300 handle in recent trading. At this stage a bearish reversal signal is missing on the daily time frame, which suggests the potential for an extended advance towards the next definitive level of resistance at 0.9440.

AUD/USD: Bulls Take Charge As Prices Push Towards 0.9440

AUDUSD-Hanging-Man-In-Focus-As-Prices-Edge-Out-Fresh-2014-Highs_body_Picture_2.png, AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

Daily Chart – Created Using FXCM Marketscope 2.0

A look at intraday price action on the four hour chart reveals that the upside breakout was preceded by a drawn-out struggle between traders between 0.9210 and 0.9300. While the bulls ultimately won out, a Hanging Man formation suggests the bears may be looking to return. However, the reversal signal requires confirmation from an ensuing down-period before being validated.

AUD/USD: Hanging Man Awaits Confirmation

AUDUSD-Hanging-Man-In-Focus-As-Prices-Edge-Out-Fresh-2014-Highs_body_Picture_1.png, AUD/USD Hanging Man In Focus As Prices Edge Out Fresh 2014 Highs

4 Hour Chart – Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *