The AUD/USD currency pair on Thursday extended gains to trade at a session high of about 0.6553 before retreating to 0.6537. The currency pair continues to trade within an ascending channel formation in the 60-minute chart.

Despite the rebound, the currency pair remains a few levels below the 100-hour moving average line. Thursday’s rebound helps the pair to recover from the oversold 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 the US market. On Thursday, the US producer price index for March missed the expected (MoM) change of 0.3% with a change of 0.2%. The (YoY) equivalent also fell short of 2.2% with a change of 2.1%.

On the other hand, the producer price index ex-food and energy outperformed the forecasted (YoY) change of 2.3% with a change of 2.4%. The (MoM) equivalent matched the estimate of 0.2%. Elsewhere, the initial jobless claims for the week ending April 5, 2024, beat the expected claim count of 215k with a tally of 211k.

Earlier in the week, the US consumer price index for March beat the expected (MoM) and (YoY) changes of 0.3% and 3.4%, respectively with changes of 0.4% and 3.4%. On the other hand, the CPI ex-food and energy outshone the estimates of 0.3% (MoM) and 3.7% (YoY) with changes of 0.4% and 3.8%, respectively.

In Australia, Westpac consumer confidence for April fell by 2.4% compared to a decline of 1.8% in the preceding period. Home loans for February missed the expected (MoM) change of 2.5% with a change of 1.6%.

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

Technically, the AUD/USD currency pair appears to be trading within an ascending channel formation in the 60-minute chart. The 14-hour RSI also seems to support a short-term bullish bias after recovering from oversold conditions.

Therefore, the bulls will be targeting extended gains at about 0.6553 or higher at 0.6573. On the other hand, the bears will look to pounce on potential pullbacks at about 0.6521 or lower at 0.6500.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading with a sideways channel formation. However, the 14-day RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will be targeting extended pullbacks at about 0.6449 or lower at 0.6358. On the other hand, the bulls will look to pounce on rebounds at about 0.6638 or higher at 0.6728.