AUD/USD stuck in a tight range sub 0.76, where now?

Currently, AUD/USD is trading at 0.7560, up 0.21% on the day, having posted a daily high at 0.7591 and low at 0.7539.

AUD/USD has consolidated the opening bid this week, meeting the supply at the highs of the post-French election results at 0.7583. The bears are yet to close the gap while risk-on sentiment as the broader tone of the market supporting the better bid scenario in the major commodity currency. 

Industrial metals have been keenly watched this year as worries over political instability and global demand have prompted investors to cut bets on higher prices. The base metals are mixed today while copper and iron ore and modestly higher supporting the Aussie. US yields are sluggish and preventing the US dollar from finding traction, down  0.87% at 99.09 on the day so far while yields are in a range of between 2.2641 - 2.3232%, up 1.19% but still below the psychological 2.30% level. 

For the week ahead, Aussie CPI, US Congress, Trump's tax reform plans, US durable goods and US GDP Q1 first estimates are the key events to watch while N.Korea remains a precarious and treacherous topic this week. 

Watching N.Korea peninsula - UOB

AUD/USD levels

AUD/USD's remains within its April boundaries between 0.7473/0.7610. The April high and the 55-day moving average is located at 0.7610/15 and while below there, the downside risk remains in play explained analysts at Commerzbank. "Failure at the 0.7492/73 recent lows would put the 50% retracement at .7455 back on the map," they explained, adding, "it is the breakdown point to the 2016-2017 uptrend at 0.7279 and the bottom of the 16-month range. Longer term outlook is negative: The repeated failure in the 0.7750/.7836 region turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 uptrend at 0.7279."