AUD/USD bounces to 100-DMA support-turned-resistance, will it sustain?

   •  USD consolidates FOMC minutes-led strong gains. 
   •  Softer US bond yields lending some support.
   •  Weaker commodities fail to provide an additional boost.

The AUD/USD pair built on its steady climb through the mid-European session and has now recovered around 30-pips from the Asian session lows, sub-0.7800 level. 

With the US Dollar still consolidating overnight strong gains, led by hawkish FOMC meeting minutes, a mildly softer tone around the US Treasury bond yields seems to be the only factor prompting some short-covering from a short-term ascending trend-line support on 4-hourly charts. 

Meanwhile, a sharp slide in copper prices did little to provide any additional boost to the commodity-linked Australian Dollar, with the USD/US bond yield dynamics turning out to be key determinants of the pair's rebound back closer to 100-day SMA support break-point, now turned immediate resistance. 

Bullish traders, however, are likely to wait for a follow-through buying interest, beyond the mentioned barrier, before positioning for any further near-term appreciating move. 

On the economic data front, the scheduled release of weekly initial jobless claims data from the US would now be looked upon for some short-term trading impetus during the early NA session. 

Technical levels to watch

Momentum beyond 100-DMA hurdle is likely to get extended towards 0.7860 level, above which the pair is likely to aim towards reclaiming the 0.7900 handle. On the flip side, weakness back below the 0.7800 handle, leading to a subsequent break below 0.7790 level would turn the pair vulnerable to accelerate the slide even below the very important 200-day SMA support toward retesting monthly lows support near 0.7760 area.