AUD/USD staying afloat, but sellers gathering to begin the new week

• Light Aussie calendar with mid-tier data ahead.
• AUD still tracking commodities, yields.

AUD/USD awakens Monday trading just below 0.7850 following last week's retracement from 0.7804.

The Aussie slid last week as US Treasury yields lifted amid inflation concerns, but found a bounce to end the week after a reprieve in yields and a spike in Gold, as the commodity-reliant AUD continues to track well with the precious metal.

This week has limited data slated for the AUD/USD, though New Homes Sales on Tuesday will provide some perspective on the Australian housing sector, and Wednesday following with Private Sector Credit at 00:30 and AiG Manufacturing Index at 22:30.

With the Australian economy lagging compared to the rest of the world, the Reserve Bank of Australia (RBA) has been forced into a holding pattern on interest rates, with the RBA anticipated to be in wait-and-see mode well into 2020. 

AUD/USD Technicals

The AUD is trading below the 34 EMA on Daily candles with support coming from the 200-day SMA at 0.7776; the rising trendline on H4 charts is still holding though bearish pressure remains strong following the decline from 0.7988. Intraday support waits at 0.7814 and 0.7796, with resistance priced in between 0.7856 and 0.7892.