AUD/USD Technical Analysis: Inverse head-and-shoulders breakout confirmed, trade tensions may cap gains
|- For AUD/USD, the path of least resistance is on the higher side, technical charts indicate. The immediate gains, however, could be limited, courtesy of US-China trade tensions.
Daily chart
- As can be seen above, the spot closed at 0.7330 on Friday, confirming an inverse head-and-shoulders breakout. That only bolstered the already bullish setup, as indicated by the upside break of the falling trendline, confirmed on Nov. 11 and the ascending 5- and 10-day EMAs.
4-hour chart
- The stacking order of the 50-candle SMA, above the 100-candle SMA, above the 200-candle SMA also indicates the AUD bulls have regained control.
- The spot could rise to 0.7600 (inverse head-and-shoulders breakout target) in the near-term. The bullish setup, however, could fail on escalating US-China trade tensions.
Trend: Bullish
AUD/USD
Overview:
Last Price: 0.7322
Daily change: -13 pips
Daily change: -0.177%
Daily Open: 0.7335
Trends:
Daily SMA20: 0.7174
Daily SMA50: 0.7168
Daily SMA100: 0.7257
Daily SMA200: 0.7454
Levels:
Daily High: 0.7336
Daily Low: 0.725
Weekly High: 0.7336
Weekly Low: 0.7164
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.7303
Daily Fibonacci 61.8%: 0.7283
Daily Pivot Point S1: 0.7278
Daily Pivot Point S2: 0.722
Daily Pivot Point S3: 0.7191
Daily Pivot Point R1: 0.7364
Daily Pivot Point R2: 0.7393
Daily Pivot Point R3: 0.7451
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