On Thursday, the AUd/USD currency pair bounced back from the session lows of about 0.6932 to trade at about 0.6955. The currency pair trades within a descending channel formation on the 60-minute chart.

The pair continues to trade slightly below the 100-hour moving average line, despite the rebound. As a result, the currency pair still has plenty of room left to run before reaching 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 Thursday, the US initial jobless claims came in better than expected, at 197k versus a forecast of 200k, down from the previous week’s revised figure of 199k. 

Earlier in the week, the US ISM Services PMI for September missed the expectation of 55, with a reading of 54.9, down from the previous month’s equivalent of 55.4. The ISM Services New Orders Index for the period also edged lower to 59.8, down from 60.9 in August. 

On the other hand, the ISM Services Employment Index improved to 50.1, up from 47.8, while the ISM Services Prices Paid rose to 74, from 72.6. Elsewhere, the S&P Global Composite PMI for September was unchanged at 58.4, in line with expectations.

In Australia, the S&P Global Composite PMI for September rose to 51.3, up from 50.8, beating the forecast reading of 50.8. The S&P Global Services PMI for the period also rose from 51.4 to 51.9, beating the forecast of 51.4. The Westpac consumer confidence for October improved to -4.7%, up from -5.2% in September.

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

Technically, the AUD/USD currency pair trades within a descending channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will look to stretch the current rebound towards 0.6973 or higher, to 0.6998. On the other hand, the bears will look to pounce on profits at about 0.6932 or lower, down to 0.6906.

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 in an attempt to recover from oversold conditions. 

Therefore, the bulls will look to extend the current rebound towards 0.7092 or higher, to 0.7233. On the other hand, the bears will look to pounce on extended declines at about 0.6833 or lower, down to 0.6676.