AUD/USD Price Analysis: Bulls take control and on track to hunt down 0.7050

AUD/USD bulls have taken control in Asia along a daily trendline support.
The hourly broadening formation points to a move higher also.

Ross J Burland FXStreet

AUD/USD has spiked in the Asian trade and eyes are on a move higher from both a daily and hourly perspective. The following illustrates the bullish trajectory from a bullish bias within the daily and hourly charts.

AUD/USD daily chart

From a daily perspective, the bulls have their eyes on a move beyond the recent highs towards the 0.7050 mark as the price climbs the trendline support.

AUD/USD H1 chart

The broadening formation on the hourly chart leaves the upside trendline resistance exposed and vulnerable as well prior to a move lower within the confines of the shorter-term pattern.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.