The AUD/USD currency pair on Thursday pulled back off the trendline resistance at 0.6767 after bouncing off the 100-hour MA earlier in the week. The currency pair still appears to be trading within an ascending channel formation after the mid-week rebound.
The pair has now ascended to trade several levels above the 100-hour moving average line in the 60-min chart. As a result, the pair appears to be on the verge of entering the overbought conditions 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. On Wednesday, US durable goods orders for October outperformed the expected change of 0.4% with a change of 1%.
On the other hand, durable goods orders ex-defence beat the forecast of -0.1% with a change of 0.8%, while durable goods orders ex-transportation outshone 0% with a change of 0.5%. Elsewhere, the Michigan consumer sentiment index for November beat the expected reading of 55 with a reading of 56.8, while the initial jobless claims for last week missed the expected claim count of 225k with a tally of 240k.
In Australia, the preliminary S&P Global Manufacturing PMI for November missed the expectation of 52.4 with a reading of 51.5. On the other hand, the S&P Global Services PMI came short of the forecasted reading of 49.1 with a reading of 47.2, while the Global Composite PMI edged lower to 47.7 down from 49.8 in the previous period.
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-min chart. This indicates a significant short-term bullish bias in the market sentiment.
Therefore, the bulls will be targeting extended gains at about 0.6767 or higher at 0.6799. On the other hand, the bears will be targeting short-term profits at about 0.6702 or lower at 0.6665.
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. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls will be targeting long-term profits at about 0.6895 or higher at 0.7047. On the other hand, the bears will be looking to pounce on pullbacks at about 0.6589 or lower at 0.6401.