On Thursday, the AUD/USD currency pair pulled back from the session highs of about 0.6625 to trade at about 0.6613. The currency pair trades within a consolidative triangle formation in the 60-minute chart.

The pair continues to trade a few levels above the 100-hour moving average line, despite the latest pullback. Thursday’s pullback prevented the currency pair from advancing into the overbought levels of the 14-hour RSI.

AUD/USD Fundamentals Overview

From a fundamental perspective, the AUD/USD currency pair trades during a relatively busy period in both markets. On Thursday, the Australian trade balance for August came in lower than expected, with 1,825 million versus a forecast of 6,500 million.

Earlier in the week, the Reserve Bank of Australia chose to keep the base interest rate unchanged at 3.6%, in line with expectations. On the other hand, building permits for August missed the expected (MoM) change of -5.5% with a change of -6%.

In the U.S., the ADP employment change for September missed the expectation of 50k with -32k. On the other hand, the ISM Manufacturing PMI for September outperformed the expectation of 49 with a reading of 49.1, while the ISM Manufacturing Prices Paid for the period fell short of 63.2 with a reading of 61.9.

Earlier in the week, the Chicago Purchasing Managers’ Index for September missed the expected reading of 43, with a reading of 40.6, while JOLTS job openings for August outshone the forecast of 7.2 million with a tally of 7.227 million.

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

Technically, the AUD/USD currency pair trades within a consolidative triangle formation in the 60-minute chart. The 14-hour RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to extend the current pullback towards 0.6599 or lower to 0.6584. On the other hand, the bulls will look to pounce on rebounds at about 0.6625 or higher at 0.6642. 

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair trades within an ascending channel formation. However, the 14-day RSI still has room left to run before reaching overbought conditions, after a recent pullback. 

Therefore, the bulls will look to stretch the current gains toward 0.6683 or higher to 0.6760. On the other hand, the bears will look to pounce on profits at about 0.6539 or lower at 0.6469.