AUD/USD retest 200-DMA barrier on softer US GDP

   •  US Q3 GDP lowered to 3.2%, initial jobless claims jump to 245K.
   •  USD/bond yields retreat after data and provide a minor boost.

The AUD/USD pair finally seems to have broken out of its 3-day old consolidative range and might now be aiming to clear the very important 200-day SMA barrier. 

The US Dollar surrendered its modest recovery gains and slipped back closer to 2-1/2 week lows following a downward revision of the third-quarter US GDP growth figures. 

This coupled with a larger-than-expected jump in the initial jobless claims and a mildly softer tone around the US Treasury bond yields provided an additional boost to higher-yielding currencies - like the Aussie. 

It would now be interesting to see if bulls are able to maintain their dominant position and assist the pair to conquer the 0.7700 handle, amid pre-holiday relatively quiet trading action. 

Technical levels to watch

A clear break through the 0.7695-0.7700 barrier (200-DMA), the pair is likely to accelerate the up-move towards 0.7730 supply zone before eventually rising to 100-DMA resistance near the 0.7785 region.

On the flip side, 0.7665-60 area now becomes an immediate support to defend, which if broken might now force the pair to break through 0.7640 horizontal support and head towards testing the 0.7600 handle.