AUD/USD bulls look for acceptance above 0.6700 as the Fed Minutes weigh on the US Dollar
The bids for AUD/USD reverse the drop from the weekly high. Softer US data and the release of FOMC Minutes impacted on the US Dollar, while cautious optimism helped Aussie pair bulls. Australia's declining PMI and China's Covid troubles received little notice. The Thanksgiving holiday and light schedule can provide customers with a respite.

Despite the inactivity around 0.6730-40 throughout Thursday's Asian session, the AUD/USD remained on the radar of buyers. The cause may be related to the widespread selling of the US dollar and the market's cautious optimism.
The US Dollar Index (DXY) plummeted the most in two weeks the day before the release of the most recent Federal Open Market Committee (FOMC) Meeting Minutes, which revealed that policymakers discussed the need to delay the rate hikes. According to the Fed Minutes, rumors about the Federal Reserve's (Fed) "sufficiently restrictive" level of interest rates also weighed on the dollar.
Notable negative catalysts for the AUD/USD pair were the weaker US PMIs for November and the high Jobless Claims statistics. The preliminary readings of the US S&P Global Manufacturing PMI for November decreased to 47.6 from 50.0 anticipated and 50.4 previously, while the Services PMI similarly decreased to 46.1 from 47.9 predicted and 47.4 previously. In November, the S&P Global Composite PMI decreased to 46.3 from 47.7 predicted and 48.2 previous readings.
In spite of this, the United States Weekly Jobless Claims increased by the most since June, to 240K compared to 225K predicted and 220K previously, which boosted mood and weakened the US Dollar.
Alternately, robust prints of the US Durable Goods Orders, up 1.0% in October vs 0.4% indicated forecasts and a downwardly revised 0.3% before, joined China's covid troubles and negative prints of Australia's S&P Global PMI for November to challenge the AUD/USD bulls. Nevertheless, the market's focus on the Fed Minutes and chances of a Coronavirus recovery seems to have supported Aussie pair buyers.
Wall Street closed in favorable territory despite these bets, while US Treasury yields declined and weakened the US Dollar.
A lack of significant data/events and a US vacation could allow the AUD/USD pair to maintain some of its recent gains. On the same line might be China's COVID-19 anxieties and the Reserve Bank of Australia's dovish bias (RBA). In spite of fading expectations for rapid Fed rate hikes, bulls are poised to maintain control.
A clear upward break of the 100-day simple moving average and a one-week-old descending trend line near 0.6695 and 0.6590, respectively, has the AUD/USD pair buyers focused on the monthly high above 0.6800.
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