AUD/USD Technical Analysis: Eyes recent highs above 0.72 on pennant breakout
The AUD/USD pair is eyeing a test of the recent high of 0.7204, having witnessed a pennant breakout on the hourly chart following an above-forecast Australia consumer price inflation (CPI) report.
Hourly Chart
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The pennant breakout seen in the above chart indicates that the rally from the Jan. 24 low of 0.7076 has resumed and the pair could rise as high as 0.7288 (target as per the measured move method).
On the way higher, the pair may encounter resistance at the recent high of 0.7204. Further, the markets are still pricing 70 percent chance of an RBA rate cut before the end of December. So, the prospects of a near 90-degree rally to 0.7288 are low.
Trend: Bullish
AUD/USD
Overview:
Today Last Price: 0.7192
Today Daily change: 41 pips
Today Daily change %: 0.57%
Today Daily Open: 0.7151
Trends:
Daily SMA20: 0.7146
Daily SMA50: 0.7168
Daily SMA100: 0.7171
Daily SMA200: 0.7297
Levels:
Previous Daily High: 0.7176
Previous Daily Low: 0.7138
Previous Weekly High: 0.7185
Previous Weekly Low: 0.7076
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Daily Fibonacci 38.2%: 0.7153
Daily Fibonacci 61.8%: 0.7162
Daily Pivot Point S1: 0.7134
Daily Pivot Point S2: 0.7116
Daily Pivot Point S3: 0.7095
Daily Pivot Point R1: 0.7172
Daily Pivot Point R2: 0.7193
Daily Pivot Point R3: 0.7211