The AUD/USD currency pair on Friday pulled back off the 100-hour moving average line following the latest round of US data. The currency pair continues to trade within a gently descending channel formation in the 60-min chart.

Friday’s pullback pushed the currency pair off the overbought conditions of the 14-hour RSI back to the normal trading zone. The currency pair still seems to have a lot of room left before reaching oversold conditions.

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 Friday, the US jobs data for August posted a net job count of 315k, beating the expectation of 300k. However, the unemployment rate missed the forecast after rising to the highest level since February of 3.7%, versus the consensus expectation of 3.5%.

The average hourly wage growth for the month also fell short of the market forecast after increasing by 5.2% from the same month a year ago, versus an expected growth rate of 5.3%. July factory orders missed the expected (MoM) change of 0.2% with a change of -1%.

In Australia, the Reserve Bank of Australia Commodity Index for August outperformed the expected (YoY) change of 21.5% with a change of 21.7% on Thursday. On the other hand, private capital expenditure for Q2 missed the estimate of 1.5% with a change of -0.3%, while home loans for July also fell short of the expected change of -3% with a change of -7%.

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

Technically, the AUD/USD currency pair seems to be trading within a gently descending channel formation in the 60-min chart. This indicates a slight short-term bearish bias in the market sentiment.

Therefore, the bears will be looking to ride the current wave of declines toward 0.6774 or lower to 0.6736. On the other hand, the bulls will be targeting potential rebound profits at about 0.6834 or higher at 0.6865.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair seems to be trading within a gently descending channel formation. This indicates a slight long-term bearish bias in the market sentiment.

Therefore, the bulls will be targeting potential rebound profits at about 0.6930 or higher at 0.7112. On the other hand, the bears will be targeting long-term profits at about 0.6687 or lower at 0.6523.