• 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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are in play as they knock on the doors of a key resistance despite the miss in the Trade Balance. A weaker US dollar in trade on Thursday is giving the commodities a boost. The greenback is correcting the move from Wednesday when the DXY, rallied to 111.735. 

AUD/USD News

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

The EUR/USD pair has crossed the immediate hurdle of 0.9900 confidently and is expected to establish above the same. The risk profile is getting cheerful now as S&P500 has rebounded firmly. Also, yields have cooled somehow as investors are shifting their focus toward the NFP data.

EUR/USD News

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold price (XAU/USD) has turned sideways after sensing demand around the critical support of $1,700.00. The precious metal is aiming to cross the $1,720.00 hurdle and will find its next barricade around $1,730.00. 

Gold News

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

In a letter, the House Financial Services Committee (FSC) asked the Department of Justice (DoJ) for their CBDC assessment. The House Committee analyzed whether the Federal Reserve has the authority to issue a CBDC without authorizing legislation.

Read more

Is the recent S&P 500 rally sustainable?

Is the recent S&P 500 rally sustainable?

Stock investors are all asking the same question... can we trust the recent rally? The market just rallied +5.7% in two trading days. Bulls argue that the rebound could push even higher as the start of Q3 earnings season starts up next week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures