The AUD/USD currency pair on Friday bounced off the key support at 0.6459 to trade at about 0.6512 before pulling back to 0.6495. The currency pair appears to have completed an upward breakout from a descending triangle pattern. 

The pair continues to trade a few levels above the 100-hour moving average line despite Friday’s late pullback. As a result, the currency pair remains pegged centrally in 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. On Friday, US building permits for October outperformed the expected tally of 1.45 million with a tally of 1.487 million. Housing Starts for the period also outshone the forecast of 1.35 million with 1.372 million.

On Thursday, the initial jobless claims for the week ending November 30 missed the expected claim count of 220k with a significantly higher tally of 231k. Earlier in the week, US retail sales for October beat the estimate of -0.3% with a change of -0.1% (MoM). Retail sales ex-autos also outshone 0% with a change of 0.1% (MoM).

In Australia, the seasonally-adjusted employment change for October exceeded the expectation of 20k with 55k jobs. The participation rate for the month increased to 67%, up from 66.7%, beating the expectation of 66.7%. On the other hand, the seasonally adjusted unemployment rate for the period increased to 3.7%, up from 3.6% in line with expectations.

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

Technically, the AUD/USD currency pair appears to have recently completed an upward breakout from a descending triangle formation. The hourly MACD also seems to support a bullish case after completing an upward crossover.

Therefore, the bulls will be targeting extended rebounds at about 0.6512 or higher at 0.6529. On the other hand, the bears will be targeting short-term profits at about 0.6479 or lower at 0.6459.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair also seems to have completed an upward breakout from a descent ending channel. The daily MACD continues to support a bullish case after completing an upward breakout.

Therefore, the bulls will be targeting long-term profits at about 0.6576 or higher at 0.6652. On the other hand, the bears will look to pounce on profits at about 0.6424 or lower at 0.6343.