AUD/USD Technical Analysis: charting an inverse head-and-shoulders bullish reversal pattern

• The AUD/USD is charting an inverse head-and-shoulders pattern with a neckline at 0.7303, as seen in the 4-hour chart.
• A move above that neckline would confirm a bearish-to-bullish trend change - the sell-off from the January high of 0.8136 ended at 0.7021 and the bulls have regained control.
• The breakout, if confirmed, would open up upside toward 0.7585 (target as per the measured height method).
• The pair crossed the trendline connecting January and September highs earlier this month. Further, 5- and 10-day moving averages are trending north. As a result, the inverse head-and-shoulders breakout looks likely to happen in a day or two.
• A repeated failure to beat the neckline hurdle may embolden the bears.

4-hour Chart

Trend: Bullish