The AUD/USD currency pair on Thursday pulled back off the session highs of about 0.6455 to trade at about 0.6417. The currency pair continues to trade within a descending channel formation in the 60-minute chart. 

The pair has now fallen to trade a few levels below the 100-hour moving average line. As a result, the currency pair appears to be on the verge of entering 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 Thursday, the seasonally-adjusted Australian employment change for March missed the expected change of 7.2k with a change of 6.6k, down from 117.6k.

Full-time employment for the month also fell to 27.9k down from 79.4k in the preceding month, while part-time employment was down to -34.5k from 38.2k. On the other hand, the participation rate edged slightly lower to 66.6 down from 66.7, while the seasonally-adjusted unemployment rate for the period was up to 3.8%, from 3.7% in February, beating the forecast of 3.9%.

In the US, the initial jobless claims for last week outshone the forecasted claim count of 215k with a slightly lower tally of 212k. The Philadelphia Fed Manufacturing Survey for March also came in better than expected with a reading of 15.5 versus a forecast of 1.5, up from 3.2%.

Earlier in the week, US building permits for March missed the expected tally of 1.514 million with 1.458 million, while housing starts for the period fell short of the forecasted tally of 1.48 million with 1.321 million.

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

Technically, the AUD/USD currency pair appears to be trading within a descending channel formation in the 60-minute chart. The 14-hour RSI also seems to support a bearish bias as it moves closer to oversold conditions.

Therefore, the bears will be targeting extended declines at about 0.6400 or lower at 0.6381. On the other hand, the bulls will be targeting potential rebounds at about 0.6436 or higher at 0.6455.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a sharply descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 0.6497 or higher at 0.6573. On the other hand, the bears will be looking to ride the current run of declines toward 0.6349 or lower to 0.6268.