AUD/USD bulls taking advantage of thin holiday trade and DXY consolidating

Currently, AUD/USD is trading at 0.7412, up 0.33% on the day, having posted a daily high at 0.7420 and low at 0.7364.

AUD/USD bulls are taking advantage of thin trade in the US session today with traders off enjoying their Thanksgiving lunch and holidays. The Aussie has gained extended the minor recovery that had stalled at the 200 sma on the 1hr sticks in Asia on Tuesday with the downside extending on a strong greenback post the US durable goods data and the DXY taking flight to the 102 handle. US durable goods orders jump in October

DXY inter-markets: consolidation appears likely

There is some consolidation taking place again in the DXY and the FOMC minutes, while suggesting a rate hike could be appropriate soon, there was room left for doubt that December is a 100% cert. CPI's and GDP are all on the cards for the Aussie soon while the Fed's meeting in the middle of Dec will be the last major event of the year for the dollar.

 Don't believe the hype, and get real: the Fed will not hike in December and here is why ...

AUD/USD levels

With spot trading at 0.7411, we can see next resistance ahead at 0.7417 (Weekly Classic PP), 0.7418 (Weekly High), 0.7420 (Daily High), 0.7431 (Daily Classic R1) and 0.7442 (Hourly 200 SMA). Support below can be found at 0.7402 (Daily Classic PP), 0.7393 (Hourly 20 EMA), 0.7386 (Daily Open), 0.7382 (Hourly 100 SMA) and 0.7373 (Yesterday's Low).