AUDUSD Price Analysis: An inverted head and shoulders pattern can lift AUD towards 0.6950

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  • AUDUSD tests the 100 day EMA, driven by an inverted head and shoulders chart pattern.
  • Once the head and shoulders pattern is reached, the AUUSD could extend its gains towards the 200 day EMA.

The AUDUSD is rising strongly in the North American session and challenges the 100 day EMA at 0.6701. Fundamental factors, but also an inverted head and shoulders chart pattern on the AUDUSD daily chart, underpinned the Australian dollar (AUD), which is gaining 1.24%. At the time of writing, the AUDUSD is trading at 0.6701 after hitting a daily low of 0.6577.

AUDUSD Price Analysis: Technical Outlook

The AUDUSD daily chart shows the US dollar breaking above the inverted head and shoulders neckline on Thursday, November 11. It should be noted that during that day, the AUDUSD made a daily low of 0.6412. But a softer US Consumer Price Index (CPI) report lifted AUDUSD, which rose almost 190 points.

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At the time of this writing, the AUDUSD is probing the 100 day EMA, which, once breached, could pave the way for further gains. The Relative Strength Index (RSI) is in the bullish zone. Therefore, the path of least resistance in the AUDUSD has a bullish bias.

The first resistance for AUDUSD would be the 100 day EMA at 0.6701. The break above will expose the psychological mark of 0.6800, followed by the inverted head and shoulders target at 0.6870. However, the break of this last mark will pave the way towards key resistance zones such as the 13th September high at 0.6916 and the 200 day EMA at 0.6956.

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AUDUSD Key Technical Levels

AUD/USD

Overview
last price today 0.6701
Today I change daily 0.0085
Today’s daily variation in % 1.28
Daily opening today 0.6616
Trends
daily SMA20 0.6386
daily SMA50 0.6504
daily SMA100 0.6706
daily SMA200 0.696
levels
Previous daily high 0.662
Previous Daily Low 0.6387
Previous Weekly High 0.6493
Previous Weekly Low 0.6272
Previous Monthly High 0.6548
Previous Monthly Low 0.617
Daily Fibonacci of 38.2% 0.6531
Daily Fibonacci of 61.8% 0.6476
Daily Pivot Point S1 0.6462
Daily Pivot Point S2 0.6307
Daily Pivot Point S3 0.6228
Daily Pivot Point R1 0.6696
Daily Pivot Point R2 0.6775
Daily Pivot Point R3 0.6929

Source: Fx Street

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