AUD/USD prices have likely switched to the Christmas mood in advance, after refreshing the monthly high with 0.7253. That said, the Aussie pair seesaws around an upward sloping trend line from November 30 while taking rounds to 0.7250 during early Friday morning in Asia.

On a different page, US President Joe Biden and House Speaker Nancy Pelosi remain hopeful of getting the Build Back Better (BBB) plan through the House even as Senator Joe Manchin opposes the bill. As per the latest news from CNN, “Sen. Joe Manchin effectively put an end to negotiations over the current version of the Build Back Better Act, in part over concerns that some provisions might exacerbate inflation. But many economists believe its effect on inflation would be marginal.”

Macroeconomics had little success in directing short-term AUD/USD moves. That said, firmer prints of US Durable Goods Orders and PCE Price Index for November couldn’t reverse the previous run-up of equities and riskier assets despite fuelling the US Treasury yields to a two-week high of 1.50% after the release. At home, Private Sector Credit grew more-than-prior in November.

Technical analysis

Although a clear upside break of 20-DMA and bullish MACD signals favor AUD/USD bulls, an upward sloping trend line from November 30, around 0.7250, challenges the immediate advances.

Alternatively, pullback moves may initially aim for the 0.7200 round figure before challenging September’s low near 0.7170.