The AUD/USD currency pair pulled back on Thursday to end a 2-day rally that saw it retest 2-monthly highs. The currency pair climbed to trade above 0.7045 for the first time since the start of May this year after bottoming at around 0.6960 earlier in the week.

The AUD/USD continues to experience a short-term bullish bias within an ascending channel that stretches back to June 18. This channel bull-run could continue through next week unless the US can [post some positive surprises from an economic perspective.

AUD/USD Fundamentals Overview

The AUD/USD currency pair is trading at the back of major US economic events on Monday, but with July 4th being a bank holiday, things have cooled off a bit. However, the Aussie failed to gain after Australian Retail Sales missed expectations of 0.2% month over month growth with 0.1% growth.

Looking forward to Friday, the pullback could continue further as the US reports June non-farm payrolls at 12:30 GMT.  This will include the Jobs numbers, average weekly hours worked, average earnings per hour (YoY) and (MoM) as well as the current level of the unemployment rate as of June 2019.

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

From a technical viewpoint, the AUD/USD currency pair appears to be on a major bull-run, that extends back to mid-May. The pair’s recent pullback has put it in an interesting position for both sets of traders in the coming days.

The bulls will be looking to target profits at around 0.7036 in the short-term or higher at around 0.7046. On the other hand, the bears will hope that the current pullback continues towards 0.7010 or even lower at 0.6992.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a downward trending wedge, which indicates that the pair is under long-term bearish bias, despite the recent rally.

In the long-term, the bears will be more optimistic and they could profit by targeting opportunities around 0.6967. On the other hand, the bulls will be hoping that they can retain control in the short-term thereby pushing the pair towards the 0.7070 level.

In summary, the AUD/USD currency pair appears to be experiencing a short-term bullish bias but the bears retain control in the long-term view.