Home AUD/USD Technical Analysis: Eyes recent highs above 0.72 on pennant breakout
FXStreet News

AUD/USD Technical Analysis: Eyes recent highs above 0.72 on pennant breakout

The AUD/USD pair is eyeing a test of the recent high of 0.7204, having witnessed a pennant breakout on the hourly chart following an above-forecast Australia consumer price inflation (CPI) report.

Hourly Chart

The pennant breakout seen in the above chart indicates that the rally from the Jan. 24 low of 0.7076 has resumed and the pair could rise as high as 0.7288 (target as per the measured move method).

On the way higher, the pair may encounter resistance at the recent high of 0.7204. Further, the markets are still pricing 70 percent chance of an RBA rate cut before the end of December. So, the prospects of a near 90-degree rally to 0.7288 are low.

Trend: Bullish

AUD/USD

Overview:
       Today Last Price:  0.7192
       Today Daily change:  41  pips
       Today Daily change %:  0.57%
       Today Daily Open:  0.7151
Trends:
       Daily SMA20:  0.7146
       Daily SMA50:  0.7168
       Daily SMA100:  0.7171
       Daily SMA200:  0.7297
Levels:
       Previous Daily High:  0.7176
       Previous Daily Low:  0.7138
       Previous Weekly High:  0.7185
       Previous Weekly Low:  0.7076
       Previous Monthly High:  0.7394
       Previous Monthly Low:  0.7014
       Daily Fibonacci 38.2%:  0.7153
       Daily Fibonacci 61.8%:  0.7162
       Daily Pivot Point S1:  0.7134
       Daily Pivot Point S2:  0.7116
       Daily Pivot Point S3:  0.7095
       Daily Pivot Point R1:  0.7172
       Daily Pivot Point R2:  0.7193
       Daily Pivot Point R3:  0.7211

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.