“¢ The pair finally broke out of its European session consolidation phase and rallied beyond the 0.7100 handle to over one-week tops in the last hour.
“¢ The up-move marked a near-term bullish break through the neckline resistance of an inverted Head & Shoulders chart pattern on the 1-hourly chart.
“¢ Technical indicators on the mentioned chart are holding comfortably in positive territory and support prospects for an extension of the breakout momentum.
“¢ However, indicators on the daily chart are yet to catch up with the positive move, indicating that the latest leg of uptick could have been sparked by some buy stops.
“¢ Hence, it would be prudent to wait for a strong follow-through buying before positioning for any further up-move ahead of Australian Q3 CPI print on Wednesday.
AUD/USD 1-hourly chart
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AUD/USD
Overview:
Last Price: 0.7117
Daily change: 62 pips
Daily change: 0.879%
Daily Open: 0.7055
Trends:
Daily SMA20: 0.7097
Daily SMA50: 0.718
Daily SMA100: 0.7286
Daily SMA200: 0.7509
Levels:
Daily High: 0.7111
Daily Low: 0.705
Weekly High: 0.7128
Weekly Low: 0.702
Monthly High: 0.7316
Monthly Low: 0.7085
Daily Fibonacci 38.2%: 0.7074
Daily Fibonacci 61.8%: 0.7088
Daily Pivot Point S1: 0.7033
Daily Pivot Point S2: 0.7012
Daily Pivot Point S3: 0.6973
Daily Pivot Point R1: 0.7094
Daily Pivot Point R2: 0.7133
Daily Pivot Point R3: 0.7154
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