FXStreet (Guatemala) - AUD/USD is currently trading at 0.7032 with a high of 0.7064 and a low of 0.7016. AUD/USD bulls have the price drifting to the upside as the pair consolidates the recent wave of supply that came in on the back of the Nonfarm Payrolls data last week and optimism around the US economy supporting demand for the dollar as markets raise the level of speculation that the Fed will indeed hike interest rates in December. Markets will also continue to monitor the commodity sector in respect of the Aussie and the performance of the Chinese economy that could be headed for a hard landing. We had a wide miss in the trade balance from over the weekend, soft inflationary levels in the economy reported yesterday and today we await the industrial production data to potentially confirm that the Chinese economy will require further action from the PBoC to help spur growth and domestic activity. We then await the Aussie jobs data which will be a component in respect of the RBA's forthcoming RBA meetings between now and the end of the first quarter of 2016. AUD/USD levels Technically, AUD/USD is changing hands below the base of the 2-month channel at 0.7097 and pressures are lessening in a period of consolidation. There is a strong bearish bias while trading below the 0.7298/0.7385 Fibo retracement and within the 2014-2015 downtrend. Bears will be looking for a break of the 0.7000 support level opens the September 9th low of circa 0.6940 targeting 0.6905 that guards territory to the 0.6774 2004 low. For more information, read our latest forex news.