The AUD/USD currency pair on Thursday pulled back off session highs of about 0.6572 to trade at about 0.6557 after the latest round of data. The currency pair appears to have completed a downward breakout from an ascending channel formation.

The pair continues to trade slightly above the 100-hour moving average line despite the pullback. Thursday’s pullback prevented the currency pair from ascending into the overbought levels of the 14-hour RSI.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair is trading at the back of a relatively busy period in both markets. In Australia, the preliminary Judo Bank Manufacturing PMI for November came in at 47.7, down from 48.2 in the previous period. The Judo Bank Services PMI for the period also fell to 46.3, down from 47.9, while the Composite PMI was down to 46.4 from 47.6.

In the US, the durable goods orders for October missed the expected change of -3.1% with a change of -5.4. The durable goods orders ex-transportation also fell short of 0.1% with a change of 0%, while the nondefence capital goods orders ex-aircraft missed 0.1% with a change of -0.1%.

Elsewhere, the initial jobless claims for the week ending November 17 outshone the forecast of 225k with a tally of 209k. The Michigan Consumer Sentiment for November also beat 60.5 with a reading of 61.3, while the UoM 5-year inflation expectations for the month remained unchanged at 3.2% in line with estimates.

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

Technically, the AUD/USD currency pair appears to have recently completed a downward breakout from an ascending channel formation. This indicates a significant change in the market sentiment from bullish to bearish.

Therefore, the bears will be targeting extended pullbacks at about 0.6541 or lower at 0.6525. On the other hand, the bulls will look to pounce on profits at about 0.6572 or higher at 0.6588.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within an ascending channel formation. The currency pair also seems to have ascended to trade above the 100-hour moving average line.

Therefore, the bulls will be looking to ride the current wave of gains toward 0.6642 or higher to 0.6720. On the other hand, the bears will be targeting long-term profits at about 0.6459 or lower at 0.6374.