AUDUSD is testing the 100-day EMA led by an inverted head and shoulders chart. Once the head and shoulders pattern is reached, AUUSD can extend its gains to the 200-day EMA. AUDUSD is rising sharply in the North American session, challenging the 100-day exponential moving average (EMA) at 0.6701. Fundamentals, as well as an inverted head-and-shoulders pattern on the AUDUSD daily chart, supported the Australian dollar (AUD), which is up 1.2 %. At the time of writing, AUDUSD is trading at 0.6701 after hitting a daily low of 0.6577. AUDUSD PRICE ANALYSIS: TECHNICAL BREAKDOWN On the AUDUSD daily chart, the AUD remains in the inverse head and shoulder neck on Thursday, November 11th. It should be noted that today the AUDUSD recorded a daily low of 0.6 12. But a softer US Consumer Price Index (CPI) report lifted the AUDUSD, which rose nearly 190 points. At the time of writing, the AUDUSD is probing the 100-day EMA, which, if removed, could open the way for further gains. Investors should be aware that the Relative Strength Index (RSI) is in an upward trend. So the path of least resistance for AUDUSD is up. The first resistance of AUDUSD would be the 100 day EMA at 0.6701. The break above shows the psychological value of 0.6800, followed by the head and shoulders above 0.6870. However, a break of the latter opens the way to key resistance areas such as the September 13 swing at 0.6916 and the 200-day EMA at 0.6956.
