FxWirePro: AUD/USD extends gains, 'Spinning Top' and 'Bullish Divergence' raise scope for upside

AUD/USD chart - Trading View 

AUD/USD was trading 2.56% higher on the day at 0.5889 at around 06:15 GMT, bias is turning slightly bullish.

The pair has bounced off from fresh multi-year lows on Thursday's trade with a 'Spinning Top' formation.

Further, bullish Stochastics divergence on the daily charts keeps scope for further gains.

Aussie bulls buoyed by the Australian authorities' massive stimulus measures rolled out to battle the virus impact on the economy. 

Signs of risk recovery were also evident across the globe in the rebound in the Asian equities and US stocks futures.

Technical studies show nascent signs of recovery. Stochs and RSI are still in oversold zone, but have turned north.

Price action has broken above hourly cloud and 55H EMA. Next immediate hurdle lies at 110H EMA at 0.5951.

Break above 110H EMA eyes 200H SMA at 0.6172. Further upside only on decisive break above.

Support levels - 0.5835 (55H EMA), 0.5715 (cloud base), 0.55 (88.6% Fib)

Resistance levels - 0.5904 (5-DMA), 0.5950 (110H EMA), 0.6172 (200H MA)