AUD/USD looking for a break on the 0.77 handle

• AUD/USD awaits trade balance data in Tokyo opening hour
• AUD/USD bulls need a break of the 0.77 handle

AUD/USD drifted higher from 0.7650 to 0.7696, consolidating for the fourth day below 200-DMA, but in defiance to a broadly better bid greenback. 

The Fed: support for a December rate hike, who will be next Chair? - ING

US data was worthy of a Fed hike in December while the FOMC did not give any further or specific clues as to when the timings of a rate hike should be, but there was enough in the statement that underpins the notion for a December rate hike. Currently, AUD/USD is trading at 0.7675, down 0.00% on the day, having posted a daily high at 0.7680 and low at 0.7673 as the market awaits the trade balance in the Tokyo opening hour. 

Analysts at Westpac explained that the Sep trade balance is anticipated to be a surplus of $1.2bn, up from $1.0bn in Aug. "Westpac sees a $1.4bn surplus with increased iron ore and coal shipments offsetting a temporary dip in LNG volumes, while imports are flat."

AUD/USD 1-3 month: 

The analysts at Westpac explained that if the RBA remains firmly on hold, as we expect, and the US dollar rises on delivery of a Fed interest rate rise in December, then AUD/USD could fall to 0.76 by year-end. 

AUD/USD levels

AUDUSD: Was firmer in Europe

• Support levels: 0.7650 0.7610 0.7580
• Resistance levels: 0.7695 0.7730 0.7775

Valeria Bednarik, chief analyst at FXStreet explained that the pair has been trading in a well-limited range since the week started, maintaining a short-term neutral stance, as in the 4 hours chart, the price hovers around a directionless 20 SMA, while technical indicators head nowhere, stuck around their mid-lines. "The pair can regain some traction upwards on a break above 0.7700, but the dominant trend is bearish, and sellers may take their chances on spikes higher," Valeria added.