AUD/USD consolidates near 3-week tops, US data awaited

   •  Upbeat Aussie data/RBA statement provided a goodish boost. 
   •  An uptick in US bond yields seemed to cap additional gains. 
   •  US ISM PMI eyed for some impetus ahead of Aussie GDP. 

The AUD/USD pair seems to have entered a bullish consolidation phase and was seen oscillating within a 20-pips narrow trading range just below 3-week tops. 

The pair on Tuesday gained some positive traction on the back of better-than-expected Aussie retail sales data and Chinese services PMI. The up-move got an additional boost after the latest RBA monetary policy statement sounded a bit hawkish and supported the bid tone surrounding the Australian Dollar.

Meanwhile, a goodish pickup in the US Treasury bond yields, which was seen lending some support to the US Dollar, kept a lid on additional gains for higher-yielding currencies - like the Aussie. 

It would now be interesting to see if bulls are able to maintain their dominant position or profit taking kicks in as investors turn their focus to the key Australian GDP data, due for release during Asian session on Wednesday.

In the meantime, the US economic docket, featuring the release of trade balance data and ISM non-manufacturing PMI, would be looked upon for some short-term trading impetus.

Technical outlook

Valeria Bednarik, American Chief Analyst at FXStreet writes, "the AUD/USD pair maintains its positive technical stance, according to the 4 hours chart, given that the price holds above a bullish 20 SMA, while technical indicators have turned flat near overbought readings, reflecting the ongoing consolidation at highs rather than suggesting upward exhaustion. In the same chart, the advance was contained by the 200 EMA, currently at 0.7655 and the immediate resistance. An upward acceleration through the level should see the pair testing the 0.7700 region, while gains beyond this last should back a more sustainable recovery. Below 0.7600 on the other hand, the upward potential will be denied, with further declines expected towards 0.7530."