The AUDUSD tests the 100-day EMA, propelled by an inverted head-and-shoulders chart pattern. (Pivot Orderbook analysis)

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• The AUDUSD tests the 100-day EMA, propelled by an inverted head-and-shoulders chart pattern.
• Once the head-and-shoulders pattern is achieved, the AUUSD could extend its gains toward the 200-day EMA.

The pair currently trades last at 0.6701.

The previous day high was 0.662 while the previous day low was 0.6387. The daily 38.2% Fib levels comes at 0.6531, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6476, expected to provide support.

The AUDUSD is rallying sharply in the North American session and challenges the 100-day Exponential Moving Average (EMA) at 0.6701. Fundamental factors, but also an inverted head-and-shoulders chart pattern in 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.

The AUDUSD daily chart depicts the AUD clearing the inverted head-and-shoulders neckline on Thursday, November 11. It should be noted that during that day, the AUDUSD registered a daily low of 0.6412. But a softer US Consumer Price Index (CPI) report lifted the AUDUSD, which rallied almost 190 pips.

At the time of typing, the AUDUSD probes the 100-day EMA, which, once cleared, could pave the way for further gains. Traders should be aware that the Relative Strength Index (RSI) is at bullish territory. So the path of least resistance in the AUDUSD is upward biased.

The AUDUSD’s first resistance would be the 100-day EMA at 0.6701. The break above will expose the 0.6800 psychological mark, followed by the inverted head-and-shoulders target at 0.6870. However, a breach of the latter will pave the way toward key resistance areas like the September 13 swing high at 0.6916 and the 200-day EMA at 0.6956.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.6701 at the time of writing. Pair opened at 0.6616 and is trading with a change of 1.28 % .

The pair is trading above its 20 Daily moving average @ 0.6386, above its 50 Daily moving average @ 0.6504 , below its 100 Daily moving average @ 0.6706 and below its 200 Daily moving average @ 0.696

The previous day high was 0.662 while the previous day low was 0.6387. The daily 38.2% Fib levels comes at 0.6531, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6476, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6462, 0.6307, 0.6228
• Pivot resistance is noted at 0.6696, 0.6775, 0.6929

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