AUD/USD Bounces from Session Lows Amid Mixed Economic Data

The AUD/USD currency pair bounced back from its session lows of about 0.7053 to trade at around 0.7080 on Friday.

This move comes as the pair trades within an ascending channel formation on the 60-minute chart.

The bulls are likely looking to extend this rebound, with some analysts targeting levels above the 100-hour moving average line and potentially reaching overbought conditions on the 14-hour RSI.

From a fundamental perspective, the pair trades during a relatively busy period for both markets.

The Reserve Bank of Australia kept interest rates unchanged at 3.35%, while US economic data showed mixed results, with the preliminary Michigan Consumer Sentiment Index missing expectations and retail sales falling short of forecasts.