“¢ 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
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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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