AUD/USD heading toward the lower end of 20-pips trading range

The AUD/USD pair failed to capitalize on weekly bullish gap and has been confined within 20-pips narrow trading range around mid-0.7500s. 

Earlier during Asian session the pair attempted to build on Friday recovery from 6-day lows amid broad based US Dollar weakness, in reaction to Friday's dismal US economic growth numbers and Trump's protectionist stance. 

However, worsening global risk sentiment, as depicted by weakness in European equity markets, and a fresh leg of up-move in the US treasury bond yields curbed demand for risky assets and drove flows away from higher-yielding currencies - like the Aussie, and capped any further up-move for the major. 

Meanwhile, a range bound price action around commodity space, especially copper, lent some support to commodity-linked currencies and seems to have restricting any immediate sharp downslide for the pair, at least for the time being.

Moving ahead, a busy week of important economic events / releases kicks-off with the release of Fed's preferred inflation gauge - Core PCE Price Index, which would be accompanied by the release of Personal Income / Spending data and followed by Pending Home Sales data from the US, later during NA session. 

Later during the week, the Fed monetary policy decision and a slew of macroeconomic releases scheduled at the beginning of a new calendar month, including the keenly watched NFP data on Friday, would be looked upon to determine the pair's next leg of directional move. 

Technical levels to watch

Weakness below session low support near 0.7540 area, leading to a subsequent break below 0.7530 support level, is likely to accelerate the slide towards 200-day SMA support near 0.750 psychological mark. On the flip side, momentum above session peak near 0.7560 level, and a follow through buying interest above 0.7570 region (Friday's high), now seems to lift the pair towards reclaiming 0.7600 handle.