AUD/USD Price Analysis: Teases inverse head-and-shoulders on 1H amid upbeat fundamentals

• AUD/USD eases from intraday high while battling the key resistance.
• Australia’s MYEFO, employment data flashed welcome signs off-late.
• Bulls should remain cautious as inverse H&S works best near lows, AUD/USD is at multiday high.

AUD/USD recedes from 0.7592 to 0.7580 amid early Thursday. Even so, the quote prints 0.15% intraday day gains while trying to confirm an inverse Head-and-Shoulders (H&S) bullish chart pattern on the hourly (1H) play.

The pair’s latest upside took clues after a surprise decline in Australia’s November Unemployment Rate and upbeat Mid-Year Economic and Fiscal Outlook (MYEFO) from the Aussie Treasurer Josh Frydenberg.

That said, AUD/USD bulls need a clear break above 0.7585 to confirm the stated bullish formation. Also acting as an upside barrier is the 0.7600 round-figure.

Additionally, the buyers should also know that the confirmation of the stated bullish chart pattern can be debated for the further upside as the AUD/USD prices are at the highest since June 2018 while the formation works best when the underlying is at lows.

Meanwhile, a pullback move below 100-HMA, at 0.7548 now, negates the bullish chart and can direct the short-term AUD/USD sellers toward the weekly low near 0.7500.

AUD/USD hourly chart

Trend: Pullback expected