AUD/USD Technical Analysis: Bearish flag chart pattern spotted on hourly charts, US GDP eyed for fresh impetus

Haresh Menghani FXStreet

• 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

AUD/USD

Overview
Today last price	0.7036
Today Daily Change	0.0020
Today Daily Change %	0.29
Today daily open	0.7016

Trends
Daily SMA20	0.7121
Daily SMA50	0.711
Daily SMA100	0.7124
Daily SMA200	0.7182

Levels
Previous Daily High	0.7024
Previous Daily Low	0.6988
Previous Weekly High	0.7206
Previous Weekly Low	0.7136
Previous Monthly High	0.7168
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.701
Daily Fibonacci 61.8%	0.7002
Daily Pivot Point S1	0.6995
Daily Pivot Point S2	0.6973
Daily Pivot Point S3	0.6959
Daily Pivot Point R1	0.7031
Daily Pivot Point R2	0.7045
Daily Pivot Point R3	0.7067

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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