The AUD/USD currency pair on Friday extended the current weekly gains above the 0.6350 key level amid a series of disappointing US data. The currency pair has been on an upward movement since bottoming at around 0.5520 on March 20. It recently crept into overbought levels of the 14-hour RSI.

The pair also trades several levels above the 100-hour and the 200-hour SMA lines. It bounced off the trendline support early this week and has since retained a bullish outlook.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair is trading at the back of a busy period in the US market. On Thursday, the initial jobless claims for the week ending April 3 missed the expectation of 5.25M claims with a higher claims figure of 6.606M. The Michigan Consumer Sentiment Index for April edged lower to 71 down from 89.1. The market was expecting a reading of 75. On Friday, the US Consumer Price Index ex-food and energy missed the (MoM) expectation of 0.1% with a change of -0.1%. The (YoY) equivalent also came short of 2.3% with 2.1%.

On the other hand, the Reserve Bank of Australia kept the base interest rate unchanged at 0.25%. Earlier in the Week, Securities Inflation for March edged lower on a year-over-year basis to 1.5% down from 1.6%. However, TD Securities Inflation on a month-over-month basis to 0.2% up from -0.1%. Imports and Exports for February continued to decline while Homes Loans and Investment Lending for Homes also fell.

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

Technically, the AUD/USD currency pair appears to be trading in a consolidative rising wave. The pair recently ventured into overbought levels of the short-term RSI. It has since pulled back t trade within the normal trading zone.

The bulls will be targeting the next rise in the pair at around 0.6408. On the other hand, the bears will target pullback profits at around 0.6295 or lower at 0.6239.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be in the path to recovery. The pair bottomed at around 0.5510 last month. It has since recouped more than 50% of the losses. 

The bulls will be targeting long-term profits at around 61.80% and 76.40% Fib levels at 0.6450 and 0.6668, respectively. On the other hand, the nears will look to pounce for profits at around 38.20% and 23.60% Fib levels at 0.6091 and 0.5867, respectively.