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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