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   “¢   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

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