AUD/USD finds support ahead of 0.80, starts consolidating losses

The AUD/USD pair fell to a new session low at 0.8020 before starting to take back its daily losses amid a lack of fundamental drivers. As of writing, the pair was trading at 0.8030, still down 25 pips, or 0.3%, on the day.

The pair price action on Monday seems to be impacted by the US Dollar Index's movements. After suffering heavy losses and dropping to a 33-month low at 90.99 in the previous week, the index started the week on a high note by opening with a bullish gap and stretched higher towards the 92 mark. However, the index lost its momentum in the last hour and was moving sideways around the 91.80 mark as there were no macro data from the U.S. to provide an additional boost to the greenback.

• US Dollar extends gains towards 92 amid upsurge in US T-bond yields

In the meantime, following a sharp fall on Friday, copper futures rose around 1% on Monday, limiting the commodity-linked aussie's losses against the USD. The next significant data for the AUD will come during the early trading hours of the Asian session on Wednesday when the Faculty of Economics and Commerce Melbourne Institute releases its Consumer Confidence data for September, which recorded a 1.2% contraction in August. An improvement in consumer confidence in Australia could allow the pair to make a fresh bullish attempt as long as it holds above the critical 0.80 mark.

Technical levels to consider:

A daily close below 0.8000 (psychological level) could open the door for further losses towards 0.7960 (20-DMA) and 0.7870 (Aug. 31 low). On the upside, resistances align at 0.8125 (Sep. 8 high), 0.8165 (May 14, 2015, high) and 0.8200 (psychological level).