The AUD/USD currency pair on Friday pulled back off weekly highs of about 0.6720 to trade at about 0.6683 after the latest round of data. The currency pair continues to trade within an ascending channel formation in the 60-min chart.

The pair has now dropped to trade slightly below the 100-hour moving average line. However, it still has a lot of room left to run before reaching 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 both markets. On Friday, Australian private sector credit for February matched the expected (MoM) change of 0.3%, down from the previous update’s equivalent of 0.4%. Earlier in the week, the monthly consumer price index for February came in at 6.8% down from 7.4% and below the estimated figure of 7.1%, while the seasonally adjusted retail sales for the period missed the estimate of 0.4% with a change of 0.2% (MoM).

In the US, the core personal consumption expenditures price index for February fell short of both the (MoM) and (YoY) forecasts of 0.4% and 4.7%, respectively with a change of 0.3% and 4.6%. Personal spending for the period also missed the estimated change of 0.3% with a change of 0.2%, while personal income came in stronger with a change of 0.3% compared to an estimated change of 0.2%. Elsewhere, the Michigan Consumer Sentiment Index for March missed the estimated reading of 63.2 with a reading of 62, while the Chicago Purchasing Managers’ Index beat 43.4 with a reading of 43.8.

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 looking to ride the current rally towards 0.6712 or higher to 0.6737. On the other hand, the bears will look to pounce on profits at about 0.662 or lower at 0.6634.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair seems 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 0.6770 or higher at 0.6867. On the other hand, the bears will be targeting potential pullback profits at about 0.6583 or lower at 0.6470.