AUD/USD opens the week on the defense around 0.7600 key level

AUD/USD is consolidating and bulls are on the defence after the greenback had another good week last week.

AUD/USD is currently trading around the 0.76 handle with a low of 0.7585 to end last week's sessions having fallen from 2 month highs at 0.7734. The Dollar Index rallied to seven-month highs ahead of the weekend and analysts at Brown Brothers Harriman noted that it is about one percent from the year's high set in late-January, a little below 100.00.  "We note that the 50-day moving average crossed above the 200-day moving average, which technicians refer to as the "Golden Cross.""

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Commodities had been supportive otherwise,  but the RBA's closer focus on inflation raises the stakes this week after lastw week's jobs data disappointment, "Yet AUD would probably fall further on a Brexit-style surprise win for Donald Trump than on another RBA rate cut," argued analysts at Westpac. For the calendar, we are quite today and New Zealand is out. 

AUD/USD levels

Below current spot,  the next big support area is the five month support line at 0.7529 (200 dma). Below there, we have the 2016 uptrend line at 0.7508 and then the September low at 0.7443. "This remains a critical break down point to the 0.7146 May low," explained analysts at Commerzbank,adding, "Above 0.7730/60 would introduce scope to the 0.7836 April high (not favoured). "