The aussie’s path of least resistance appears to the upside. The spot charts falling channel breakout on hourly sticks. Extension of the USD sell-off could risk a test of 0.72 in AUD/USD. AUD/USD has receded from daily highs of 0.7146 but still trades with sizeable gains above 0.7100 amid broad US dollar weakness and US-China escalation over the consular closure. From a short-term perspective, the spot has dived out of the falling channel on the hourly chart, calling for a test of the target pattern around 0.7235 levels in the coming days. On its way to the said target, the spot will face initial resistance at 0.7183 (15-month tops), beyond which the 0.7200 round numbers could be tested. On the flip side, the immediate cushion is seen at 0.7116, the bullish 100-hourly Simple Moving Average (HMA), a break below which will put the next key support around 0.7110 at risk. That zone is the confluence of the 21, 50-HMAs and falling trendline resistance-turned-support. Should the bulls fail to defend the above-mentioned support, the near-term bullish bias could weakness subsequently. The hourly RSI trades flat but in the bullish territory, backing the case for the further upside. AUD/USD hourly chart AUD/USD additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/GBP clings to modest gains above 0.9100 mark, 4-week tops FX Street 3 years The aussie’s path of least resistance appears to the upside. The spot charts falling channel breakout on hourly sticks. Extension of the USD sell-off could risk a test of 0.72 in AUD/USD. AUD/USD has receded from daily highs of 0.7146 but still trades with sizeable gains above 0.7100 amid broad US dollar weakness and US-China escalation over the consular closure. From a short-term perspective, the spot has dived out of the falling channel on the hourly chart, calling for a test of the target pattern around 0.7235 levels in the coming days. On its way to the said target, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
