On Thursday, the AUD/USD currency pair pulled back off the session highs of about 0.6677 to trade at about 0.6658. The currency pair is trading within a descending channel formation in the 60-minute chart.

The pair has now descended to trade closer to the 1000-hour moving average line. As a result, the currency pair appears to be moving closer to 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. Earlier in the week, the Reserve Bank of Australia voted to keep the base interest rate unchanged at 4.35% in line with expectations. Traders will be looking forward to the preliminary Judo Bank Manufacturing, Services and Composite PMIs for June late on Thursday.

In the US, the initial jobless claims for the week ending June 14 missed the expected claim count of 235k with a slightly higher tally of 238k. The continuing claims for the preceding week also missed the expectation of 1.81 million with a tally of 1.828 million. On the other hand, the Philadelphia Fed Manufacturing Survey for June missed the expected reading of 5 with a reading of 1.3. 

Elsewhere, the US building permits for May fell short of the forecasted figure of 1.45 million with a tally of 1.386 million, while housing starts for the period missed the expectation of 1.37 million with 1.277 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 edges closer to oversold conditions.

Therefore, the bears will be targeting extended declines at about 0.6648 or lower at 0.6638. On the other hand, the bulls will look to pounce on rebounds at about 0.6667 or higher at 0.6677.

AUD/USD Technical Analysis (the Daily Chart)

In the daily chart, the AUD/USD currency pair appears to be trading within a descending channel formation. However, the 14-day RSI has recently bounced back to move towards overbought conditions.

Therefore, the bulls will be targeting extended gains at about 0.6703 or higher at 0.6767. On the other hand, the bears will look to pounce on profits at about 0.6605 or lower at 0.6540.