AUD/USD: tracking commodities; 0.76 handle history?

By FXStreet AUD/USD is currently consolidated in thin trade today with it being Easter Monday and there only being a partial show up for the trading day ahead with many holidays around the globe.

AUD/USD bulls met their match of late on the 0.76 handle and meeting highs of 0.7680 on the 17th March. The commodities sector and volatility has been a key driver in the price action, with particular attention paid to iron in resoct to o the Aussie. Robert Rennie, Global Head of Market Strategy at Westpac, notes that iron ore exports from ‘other’ producers are rising again, suggesting that it should help to cap iron ore prices.

Iron ore: more producers returning, should cap rally – Westpac

We have been in a decisive bearish drift since the short-lived time on the 0.76 handle and recently penetrated at the 100 4hr sma at 0.7516. The week ahead will be key for the pair with a number of key releases from the US calendar. US: Core PCE MoM (Monday 13:30), Employment Report (Friday 13:30), ISM Manufacturing (Friday 15:00). While Australia is quiet, we will turn to China: Manufacturing PMI for a potential driver on Wednesday.

AUD/USD levels

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Source:: FX Street