The AUD/USD currency pair on Friday extended the current 5-week gains to a new 27-month high of about 0.7450 before pulling back late on. The currency pair is trading within an ascending wedge formation in the 60-min chart.

It has now rallied to trade well above the 100-hour SMA. The 200-hour SMA is several levels below. It is still pinned centrally in the 14-hour RSI. This indicates that the current trend could continue through next week.

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 RBA chose to keep the base interest rate unchanged at 0.1% on Tuesday. On Wednesday, the (YoY) GDP change for Q3 beat the expectation of -4.45 with a change of -3.8%. The (QoQ) equivalent outperformed 2.6% with a change of 3.3%. The commonwealth bank services PMI for November beat 54.9 with 55.4. On Friday, the seasonally adjusted retail sales for October missed the expected (MoM) change of 1.6% with a change of 1.4%.

In the US, the non-farm payrolls for November missed the expectations of 469k new jobs with 245 jobs. The average hourly wage growth outperformed the (Yoy) expectation of 4.3% with a change of 4.4% while the unemployment rate edged lower to 6.7% down from 6.9% in October. The market was expecting an employment rate of 6.8%. Earlier in the week, the US ISM manufacturing PMI for November missed the expectation of 58 with 57.5 while the services PMI came short of 55 with 54.9.

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

Technically, the AUD/USD currency pair appears to be trading within a gently rising wedge formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.

The bulls will be looking to extend the current bull-run towards 0.7473 or higher to 0.7522. On the other hand, the bears will look to pounce for profits at around 0.7377 or lower at 0.7324.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a sharply ascending channel formation. This indicates a strong long-term bullish bias in the market sentiment.

The bulls will look to retain long-term control of the pair by targeting profits at around 0.7596 or higher at 0.7795. On the other hand, the bears will target pullback profits at around 0.7194 or lower at 0.6990.