AUD/USD Technical Analysis: Bullish Head & Shoulders pattern spotted on hourly chart

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   •  The pair once again found decent support near mid-0.7000s and now seems to be in the process of forming an inverted Head & Shoulders pattern on the 1-hourly chart.

   •  Technical indicators on the mentioned chart have also started gaining positive momentum and further add credence to the bullish reversal chart pattern formation. 

   •  However, traders are likely to wait for a convincing break through the neckline resistance before confirming a bullish breakout and positioning for additional near-term gains.


AUD/USD 1-hourly chart

AUD/USD

Overview:
    Last Price: 0.709
    Daily change: 35 pips
    Daily change: 0.496%
    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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