The AUD/USD currency pair on Thursday pulled back off the session highs of about 0.6712 to trade at 0.6650 before bouncing back to 0.6675. The currency pair continues to trade within a descending channel formation in the 60-minute chart.

The pair has now descended to trade closer to the 100-hour moving average line. However, the currency pair still seems to have 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 Thursday, the US industrial production for April missed the expected (MoM) change of 0.1% with a change of 0%.

The Philadelphia Fed Manufacturing Survey for May also fell short of the forecasted reading of 8 with a reading of 4.5, while the initial jobless claims for last week failed to match the forecasted claim count of 220k with a tally of 222k. Elsewhere, building permits for April missed the estimated tally of 1.48 million with a tally of 1.44 million, while housing starts for the period fell short of the forecast of 1.42 million with 1.36 million.

In Australia, the seasonally adjusted employment change for April beat the expectation of 23.7k with a significantly higher tally of 38.5k. On the other hand, the participation rate for the month edged slightly higher to 66.7% up from 66.6% in the preceding month, beating the forecasted rate of 66.6%, while the unemployment rate rose to 4.1% from 3.9% in March, missing the forecast of 3.9%.

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. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 0.6696 or higher at 0.6712. On the other hand, the bears will look to extend the current declines toward 0.6661 or lower to 0.6645.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within an ascending channel formation. The 14-day RSI also seems to support a long-term bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will be looking to ride the current run of gains toward 0.6734 or higher to 0.6788. On the other hand, the bears will look to pounce on profits at about 0.6626 or lower at 0.6563.