AUD/USD eases from weekly tops, holds with modest gains above 0.7200 handle

   •  Bulls failed to capitalize on renewed optimism over US-China trade relations.
   •  The USD holds near 1-month tops and keeps a lid on any meaningful up-move.
   •  Traders now eye US consumer inflation figures for some meaningful impetus.

The AUD/USD pair trimmed a major part of its early modest gains to fresh weekly tops but has still managed to hold just above the 0.7200 handle. 

Renewed optimism over improving US-China trade relations has been one of the key factors lending some support to the China-proxy Australian Dollar. 

Bulls, however, have failed to capitalize on the positive development, with the pair struggling to register any meaningful recovery from near one-month lows set earlier this week

The prevalent bullish sentiment surrounding the US Dollar, supported by rebounding US Treasury bond yields, turned out to be one of the key factors keeping a lid on any attempted up-move.

The pair has been oscillating within a broader trading range since the beginning of this week and the price action clearly seems to suggest that the near-term bearish pressure might still be far from over.

Moving ahead, today's US consumer inflation figures for November, due for release later during the early North-American session, will now be looked upon for some fresh trading impetus. 

Technical levels to watch

Weakness back below the 0.7200 handle might continue to find some support near the 0.7185-80 region (50-day SMA), below which the pair is likely to accelerate the fall towards testing 0.7150-45 support area.

On the flip side, the 0.7230 region now seems to have emerged as an immediate hurdle, which if cleared might trigger a short-covering bounce towards the 0.7260-65 supply zone en-route the 0.7300 handle.