AUD/USD Technical Analysis: Inverse head-and-shoulders breakout above 0.71 likely on risk reset

• The AUD/USD peeped above the 200-hour exponential moving average (EMA) a few minutes before press time and could rise above the inverse head-and-shoulders neckline resistance of 0.7110 during the day ahead if the equity markets pick up a strong bid.
• At press time, the S&P 500 futures are reporting a 0.55 percent gain. As a result, the European and American equities may trade on the offensive today, pushing the AUD and other risk currencies higher across the board.
• An inverse head-and-shoulders breakout, if confirmed, would open the doors to 0.72 (target as per the measured height method). The hourly RSI of 58.00 and the bullish cross on the MACD does favor a bullish breakout. Further, the long-term charts are indicating that sellers have likely run dry.