• 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 Daily chart

AUD/USD Key Technical Levels

 

Overview
Today last price 0.7121
Today Daily Change 0.0015
Today Daily Change % 0.21
Today daily open 0.7106
 
Trends
Daily SMA20 0.6951
Daily SMA50 0.6942
Daily SMA100 0.7088
Daily SMA200 0.7153
 
Levels
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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