AUD/USD: how long can the bulls hold on?

• AUD/USD: stuck around the 0.76 handle awaiting more impetus. 
• AUD/USD: technicals lean bearish.

During a chaotic session in the NY day, the antipodeans faired the best although AUD/USD dropped from its early gains at 0.7620 highs and closed just below the 0.76 handle at 0.7593. Currently, AUD/USD is trading at 0.7601, up 0.08% on the day, having posted a daily high at 0.7605 and low at 0.7593.

Forex today: "what a day!"

In commodities, oil continued to trade weaker ahead of OPEC while copper could be in trouble with a turn in China, hindering the Aussie's performance in the end overnight and rising yields in China make negative fallout in the region more possible. 

AUD/USD eyes on the rest of the week's US data

Meanwhile, there are no events scheduled for Asia and instead, markets will continue to focus on the developments from headlines overnight while awaiting further key US data this week and Aussie Private Capital Expenditure.  A key event this week will stay with US PCE considering the inflationary outlook concerns that have been marked as a spot of caution within the Fed's hawkishness of late. 

AUD/USD levels

On the long-term sticks, the technicals lean bearish, with the long upper wick on the daily candle of 21-DSMA (0.7631) weighing and with the monthly RSI biased down. Shorter term, Valeria Bednarik, chief analyst at FXStreet explained that from a technical point of view, and according to the 4 hours chart, the pair presents a neutral-to-bearish stance, as it is unable to regain ground above a bearish 20 SMA, while technical indicators remain below their mid-lines, although lacking directional strength. "A break below 0.7590 is needed to confirm a new leg lower that will likely end with a retest of the recent multi-month lows in the 0.7530 region," Valeria added further.