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  • The AUD/USD peeped above the 200-hour exponential moving average (EMA) a few minutes before press time and could rise above the inverse head-and-shoulders neckline resistance of 0.7110 during the day ahead if the equity markets pick up a strong bid.
  • At press time, the S&P 500 futures are reporting a 0.55 percent gain. As a result, the European and American equities may trade on the offensive today, pushing the AUD and other risk currencies higher across the board.
  • An inverse head-and-shoulders breakout, if confirmed, would open the doors to 0.72 (target as per the measured height method). The hourly RSI of 58.00 and the bullish cross on the MACD does favor a bullish breakout. Further, the long-term charts are indicating that sellers have likely run dry.

Hourly Chart

Spot Rate: 0.7085

Trend: Bullish


       Last Price:  0.7087
       Daily change:  32  pips
       Daily change:  0.454%
       Daily Open:  0.7055
       Daily SMA20:  0.7097
       Daily SMA50:  0.718
       Daily SMA100:  0.7286
       Daily SMA200:  0.7509
       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