The AUD/USD currency pair on Thursday bounced off session lows of about 0.6487 to trade at about 0.6513 after the latest round of data. The currency pair appears to be trading within an ascending channel formation in the 60-minute chart.

The currency pair continues to trade a few levels above the 100-hour moving average line. Thursday’s rebound prevented the currency pair from falling into the oversold levels of the 14-hour RSI.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair is trending at the back of a relatively busy period in both markets. On Thursday, the preliminary annualised Su gross domestic product for Q1 missed the expected change of 2.5% with a change of 1.6%. The preliminary core personal consumption expenditures for the period outshone the forecasted (QoQ) change of 3.4% with a change of 3.7%.

On the other hand, the initial jobless claims for the week ending April 19 exceeded expectations of 214k with a claim count of 207k, while the pending home sales for March beat the expected (MoM) change of 0.3% with a change of 3.4%.

In Australia, the consumer price index for Q1 exceeded expectations of 0.8% with a (QoQ) change of 1%. The (YoY) equivalent also outshone the forecasted change of 3.4% with a change of 3.6%.

On the other hand, the Reserve Bank of Australia’s trimmed CPI for the quarter beat the expected (YoY) change of 3.8% with a change of 4%. The (QoQ) equivalent also outshone the forecasted change of 0.8% with a change of 1%. 

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

Technically, the AUD/USD currency pair appears to be trading within an ascending channel formation in the 60-minute chart. The 14-hour RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 0.6526 or higher at 0.6538. On the other hand, the bears will look to pounce on pullbacks at about 0.6500 or lower at 0.6487.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a sideways channel formation after a recent rebound. The 14-day RSI has recently bounced back to support a potential reversal.

Therefore, the bulls will be looking to stretch the current rebounds toward 0.6583 or higher to 0.6641. On the other hand, the bears will look to pounce on profits at about 0.6438 or lower at 0.6366.