AUD/USD: consolidating above key 200-D SMA, where next?

• AUD/USD: caught in no man's land between 200 and 21-D SMAs. 
• AUD/USD: awaiting GDP Q4 2017.

AUD/USD has been consolidating the sharp rally through 0.78 the figure and is currently trading at 0.7817, up 0.64% on the day, having posted a daily high at 0.7844 and low at 0.7756. 

Risk rallied in European trade, with the price reversing the post RBA meeting where the Central Bank sounded less upbeat on the Australian economy. 0.7757 was the European am low after the RBA event and before the rally to aforementioned highs.  A sell-off in the greenback as risk sentiment got another lift with headlines that North Korea willing to freeze its nuclear program in exchange for guarantees of safety for its communist regime.

Economic wrap:

This from Brown Brothers Harriman on the recent Aussie data on the RBA: "First, after reporting softer than expected retail sales and a larger than expected current account deficit, the Australian central bank left rates on hold and made only small changes to the accompanying statement.  While it expects exports to improve, it is watching household consumption closely. There is little indication that the RBA will change policy anytime soon. Meanwhile, the decline in net exports and capex in Q4 warns of downside risks to the Q4 17 GDP report. "

AUD/USD levels

Last week’s high at 0.7892 now comes as next major hurdle to the upside, with the price consolidating above the key 200-D SMA down at 0.7789. While holding above here, risk is to the upside but closes need to happen above the 21-D SMA that is at 0.7837 currently. On a break back below the 0.78 handle and 200-D SMA, the 0.7637/78.6% retracement and the 0.7588 2016-2018 uptrends could be supportive again.