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   “¢   The pair built on the overnight bounce from sub-0.7000 level – the lowest level since early Jan., and remained well bid through the mid-European session on Friday.

   “¢   The steady recovery has been along a short-term ascending trend-channel on the 1-hourly chart and was supported by some short-covering amid oversold conditions.

   “¢   Given the recent sharp rejection slide from the very important 200-day SMA, the mentioned channel constitutes towards the formation of a bearish continuation flag chart pattern.

   “¢   Technical indicators maintained their bearish bias on the daily chart and have also recovered from the oversold territory, suggesting some fresh selling to emerge at higher levels.

   “¢   Traders, however, seemed to wait for the release of US Q1 GDP report and a break through the bearish pattern support before positioning for further depreciating move.

AUD/USD 1-hourly chart