AUD/USD Technical Analysis: Bid above 0.70, inverse H&S breakout on 15-min chart

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  • AUD/USD is trading in the green at 0.7023 at press time., having printed a session high of 0.7032 earlier today.
  • On the 15-minute chart, the pair carved out an inverse head-and-shoulders breakout earlier today, opening doors for a stronger corrective bounce to 0.7058 (target as per the measured move method). 
  • So far, however, that move higher has remained elusive. Further, any gains to 0.7058 or above could be short-lived, courtesy of dovish RBA expectations. The dismal Aussie inflation numbers released this week have convinced many that the central bank would cut rates in May. 

15-minute chart

Trend: Oversold bounce

 

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