The AUD/USD currency pair on Friday continued to trade just beneath the triangle pattern formation amid increased bearish pressure. The bulls remain resilient as they target a re-entry following Thursday’s rebound.

The currency pair continues to trade centrally in the 14-hour RSI in the 60-min chart. This indicates that the current pattern formation could continue through next week. It remains several levels below the 100-hour and the 200-hour SMA lines.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair is trading at the back of a relatively busy period in the US market. On Friday, the US core personal consumption expenditures price index for Sep. came in line with the expectation of 0.2% (MoM). The (YoY) equivalent came short of 1.7% with 1.5%. 

On the other hand, personal income for Sep. beat the (MoM) expectation of 0.4% with a change of 0.9% while the general personal consumption price index outshone 0.1% (MoM) with 0.2%. Personal Spending for September beat the expected change of 1% with a change of 1.4%.

The Chicago Purchasing Managers’ Index for Oct. beat 58 with 61.1 while the Michigan Consumer Sentiment Index outshone 81.2 with 81.8. Earlier in the week, preliminary annualized US GDP for Q3 beat 31% with 33.1%.

In Australia, the RBA trimmed-mean CPI for Q3 beat 0.3% (QoQ) with 0.4% while the general CPI outperformed 1.5% with 1.6% (QoQ).

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

Technically, the AUD/USD currency pair appears to have recently dropped off a consolidative triangle formation in the 60-min chart. This indicates an increase in bearish pressure in the market sentiment.

The bulls will target short-term profits at around 0.7065 or higher at 0.7108. On the other hand, the bears will look to pounce for profits at around 0.7000 or lower at 0.6950.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a sharply descending channel. This indicates a strong long-term bearish bias in the market sentiment. The currency pair has plunged to trade at the 23.60% fib level.

The bears will look to extend the current decline towards 38.20% and 50% fib levels at 0.6791 and 6601, respectively. On the other hand, the bulls will look to pounce at 0.7205 or higher at 0.7400 at the 0.00% fib level.