The Australian Dollar has finally cleared its recent trading range between 0.9210 and 0.9300. With the clearance of key resistance for the currency, an extension to the 0.9440 mark may be on the cards.
AUD/USD: Clears Critical 0.9300 Handle
Daily Chart - Created Using FXCM Marketscope 2.0
While the daily chart may look bullish, intraday price action suggests the potential for an intraday dip given the emergence of a Bearish Engulfing pattern on the four hour chart.
AUD/USD: Bearish Engulfing Pattern Emerges In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market 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.