On Friday, the AUD/USD currency pair pulled back from the session highs of about 0.6971 to trade at about 0.6948. The currency pair trades within an ascending channel formation on the 60-minute chart.

The pair continues to trade slightly above the 100-hour moving average line, despite the pullback. Friday’s pullback prevented the currency pair from entering 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 the US market. On Thursday, the US existing home sales for June missed the expected tally of 4.2 million, with a tally of 4.09 million, down from the previous month’s equivalent of 4.19 million.

On the other hand, the initial jobless claims for last week came in better than expected, with 215k claims versus a forecast of 218k, down from the previous week’s claim count of 217k. The continuing claims for the preceding four weeks increased to 1.814 million, up from 1.806 million. 

Earlier in the week, the US consumer credit change for May missed the expectation of $17.1 billion, with $-0.18 billion, down from the previous month’s equivalent of $20.73 billion. On the other hand, wholesale inventories for May missed the expected change of 0.1%, with a change of 0.3%. 

Elsewhere, the US ISM Services PMI for June matched the expectation of 54, down from 54.5 in May. On the other hand, the S&P Global Composite PMI for the month fell short of the forecasted reading of 52.2, with a reading of 51.9, down from 52.2. The S&P Global Services PMI for the period also fell short of 51.4, with a reading of 51.2, down from 51.3.

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

Technically, the AUD/USD currency pair trades within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to pounce on extended pullbacks at about 0.6922 or lower at 0.6894. On the other hand, the bulls will look to pounce on profits at about 0.6971 or higher at 0.6997.

AUD/USD Technical Analysis (the Daily Chart)

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

Therefore, the bulls will look to stretch the current rebound towards 0.7076 or higher to 0.7199. On the other hand, the bears will look to pounce on profits at about 0.6831 or lower at 0.6708.