- The AUD/USD is set to finish at fresh nine-week highs, propelled by an improved risk appetite.
- An inverted head-and-shoulders in the daily chart targets the 0.7440 area as its profit target.
- AUD/USD buyers eye a break above the 200-DMA as they aim towards 0.7440.
The AUD/USD advances for the third straight day, but retraces from the two-month high, reached at 0.7136, so far clinging above the 0.7100 mark, which could open the door for further gains. Therefore, the AUD/USD is trading at 0.7121, bolstered by a risk-on impulse, after US consumer sentiment data exceeded estimates during a week that US inflation cooled down.
AUD/USD Price Analysis: Technical outlook
During the week, the Aussie cleared the 100-day EMA at 0.7081 and now exchanges hands between the latter and the 200-day EMA at 0-7149, shifting the major’s bias to neutral-upwards. Worth noting that once the AUD/USD cleared above 0.7067, the inverted head-and-shoulders neckline confirmed the chart pattern, which has as its first profit target, 0.7440.
However, on its way up, the AUD/USD’s first resistance would be the August 11 high at 0.7136. Once cleared, the next stop would be the 200-day EMA, followed by the May 5 high at 0.7266.
AUD/USD Key Technical Levels
|Today last price||0.7121|
|Today Daily Change||0.0015|
|Today Daily Change %||0.21|
|Today daily open||0.7106|
|Previous Daily High||0.7137|
|Previous Daily Low||0.6963|
|Previous Weekly High||0.7048|
|Previous Weekly Low||0.6869|
|Previous Monthly High||0.7033|
|Previous Monthly Low||0.668|
|Daily Fibonacci 38.2%||0.707|
|Daily Fibonacci 61.8%||0.7029|
|Daily Pivot Point S1||0.7|
|Daily Pivot Point S2||0.6894|
|Daily Pivot Point S3||0.6826|
|Daily Pivot Point R1||0.7174|
|Daily Pivot Point R2||0.7243|
|Daily Pivot Point R3||0.7348|
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