“¢ The pair extended overnight modest retracement from fresh monthly tops and now seems to be forming a bearish head & shoulders chart pattern on the 1-hourly chart.
“¢ Technical indicators on the mentioned chart, though holding in bullish territory, have already started losing positive momentum and add credence to the bearish formation.
“¢ However, momentum oscillator on 4-hourly/daily chart maintain their bullish bias and hence, traders are likely to wait for a confirmation before initiating aggressive positions.
“¢ A convincing break through the neckline support, currently near the 0.7300 handle, will confirm a near-term breakdown and pave the way for an extension of the corrective slide.
AUD/USD 1-hourly chart
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AUD/USD
Overview:
Today Last Price: 0.7313
Today Daily change: -4.0 pips
Today Daily change %: -0.0547%
Today Daily Open: 0.7317
Trends:
Previous Daily SMA20: 0.7249
Previous Daily SMA50: 0.718
Previous Daily SMA100: 0.7244
Previous Daily SMA200: 0.7426
Levels:
Previous Daily High: 0.7345
Previous Daily Low: 0.7272
Previous Weekly High: 0.7327
Previous Weekly Low: 0.7202
Previous Monthly High: 0.724
Previous Monthly Low: 0.702
Previous Daily Fibonacci 38.2%: 0.7317
Previous Daily Fibonacci 61.8%: 0.73
Previous Daily Pivot Point S1: 0.7278
Previous Daily Pivot Point S2: 0.7239
Previous Daily Pivot Point S3: 0.7205
Previous Daily Pivot Point R1: 0.735
Previous Daily Pivot Point R2: 0.7384
Previous Daily Pivot Point R3: 0.7423
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