On Friday, the GBP/USD currency pair bounced from the ley support at about 0.6687 to trade at about 0.6713. The currency pair trades within an ascending triangle formation in the 60-minute chart.

The pair has now advanced to trade slightly above the 100-hour moving average line. As a result, the currency pair is on the verge of entering the overbought levels of the 14-hour RSI.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair trades during a relatively busy period in both markets. On Friday, the U.S. building permits for September missed the expected tally of 1.46 million with a tally of 1.428 million. The housing starts for the period outshone the forecast of 1.35 million with a tally of 1.354 million.

On Thursday, the U.S. initial jobless claims for the week ending October 11 beat the expectation of 260k with a significantly lower tally of 240k. The retail sales for September also beat the expected (MoM) change of 0.3% with a change of 0.4%, while the retail sales ex-autos outshone the estimate of 0.1% with a change of 0.5%.

In Australia, the seasonally adjusted employment change for September exceeded expectations of 25k with a significantly higher tally of 64.1k. The participation rate for the period improved to 67.2% up from 67.1% in August, beating the forecast of 67.1%. The unemployment rate was also lower than expected at 4.1%, versus a forecast of 4.2%, unchanged from the previous period.

AUD/USD Technical Analysis (the 60-min Chart)

Technically, the AUD/USD currency pair trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will look to stretch the current gains toward 0.6737 or higher to 0.6759. On the other hand, the bears will look to pounce on pullbacks at about 0.6687 or lower at 0.6662.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 0.6792 or higher at 0.6867. On the other hand, the bears will look to ride the current declines toward 0.6640 or lower to 0.6568.