Risk-on continues to power gains in AUD/USD The hourly chart suggests potential for a stronger rally above 0.64. AUD/USD continues to gain altitude with risk reset triggered by renewed hopes of coronavirus treatment overshadowing China’s first-quarter gross domestic product decline, its first economic contraction since 1992. The pair is now trading near 0.6370, representing a 0.67% gain on the day, having hit a session high of 0.6385 early Friday. The spot could rise further above 0.64, as the hourly chart is reporting a failed rising wedge breakdown, which is widely considered a strong bullish signal. Further, the chart shows an inverse head-and-shoulders breakout and strong bounce from the ascending 200-hour average. The daily chart relative strength index is also reporting bullish conditions with an above-50 print. On the downside, 0.6264, the low of Thursday’s long-tailed candle, is the level to beat for the bears. Hourly chart Trend: Bullish Technical 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 Top 3 Coins Price Prediction: Bears temporarily take control, but Confluence Detector shows upside potential for Bitcoin and Ethereum FX Street 2 years Risk-on continues to power gains in AUD/USD The hourly chart suggests potential for a stronger rally above 0.64. AUD/USD continues to gain altitude with risk reset triggered by renewed hopes of coronavirus treatment overshadowing China's first-quarter gross domestic product decline, its first economic contraction since 1992. The pair is now trading near 0.6370, representing a 0.67% gain on the day, having hit a session high of 0.6385 early Friday. The spot could rise further above 0.64, as the hourly chart is reporting a failed rising wedge breakdown, which is widely considered a strong bullish signal. Further, the chart shows an… 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.
