“¢ 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 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 USD: Start of new appreciation trend? – Westpac FX Street 4 years "¢ 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… 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.