FXStreet (Bali) - AUD/USD has been edging higher along the European session, jumping from 0.7165 triple bottom printed earlier on the day, up towards 0.7215 resistance, a level initially rejected in the last Asian session, where offers are mounting and a compression being created. Fed hikes rates, dots paint slightly hawkish picture The 0.25bp historical rate hike by the Federal Reserve is now behind us, but with the message from the Fed Chair Yellen - data dependent - not as dovish as one may have thought (dots still indicate prospects of a gradual four sequence of 0.25bp rate increases during 2016), the market has still continued to support the US Dollar overall. That said, as we approach year end, book balancing and thin liquidity may see movements more erratic than usual, with markets to return into normal conditions by the second week of January. Some volatility still expected today The Philly Fed manufacturing index and unemployment claims, both due at 13.30 GMT, are the next set of US data to consider, which may inject initial algo-led volatility in the tune of 15-20 pips should a divergence be observed. Note, with gold already well off today's highs, copper following suit, and the pair still close to the highs of the day, some toppy price action may be expected, as intrinsic value gets re-adjusted. AUD/USD key levels In terms of key levels, AUD/USD just tested one important intraday resistance at 0.7215, which if broken, may see technicals suggest an additional rise towards the 0.7230 (key 8-day MA) ahead of 0.7250 and 0.7280. On the downside, a break below 0.72 should expose 0.7280 S1 Support ahead of 0.7165 triple bottom. Below 0.7160, a huge pool of paycheck liquidity can be found. For more information, read our latest forex news.