AUD/USD is struggling to hold above 23.6% Fib

AUD/USD did find takers above 0.74 handle in Asia, but the resulting bullish move is falling apart around 0.7421 (23.6% of Nov 8 high – Nov 21 low).

Awaits US data

US durable goods orders data due for release later today is expected to show corporate spending jumped 1.5% in October compared to the previous figure of -0.3%.

The data by itself may not affect the US dollar unless there is a move in the treasury yields and the December Fed rate hike bets. Moreover, the markets seem to have made up their mind with regards to Dec rate hike.

Other data sets – initial jobless claims, continuing claims, preliminary manufacturing PMI and new home sales – would be watched out by the traders as well.

AUD/USD Technical Levels

The spot clocked a high of 0.7430 before trimming gains to trade around 0.7415. A break above 0.7421 (23.6% Fibo of Nov 8 high – Nov 21 low) would open doors for a rise to 0.7489 (38.2% Fibo) – 0.75 (zero figure). On the lower side, breach of support at 0.74 could yield a sell-off to 0.7371 (June 30 low) and 0.7311 (Nov 21 low).