AUD/USD remains directionless below 0.76

The AUD/USD pair seems to be jammed into a 30-pip range on Monday. After rising to 0.7615 in the late Asian session, the pair failed to gather any type of momentum and eased back below the 0.76 mark, where it has been spending the last couple of hours. At the moment, the pair is trading at 0.7593, losing 0.12% on the day.

Amid a lack of significant fundamental developments or data releases, most of the major pairs are moving in horizontal ranges on the first day of the week. Investors are now turning their attention to the Labor Market Condition Index data that is scheduled to be released at 14:00 GMT. The market consensus for the data is to improve from 2.3 to 2.5 in June. However, it's unlikely that we'll see a big reaction to this data and the consolidation theme should continue to dominate the market.

In the early trading hours of the Asian session, the Australian Bureau of Statistics will release the numbers for Home Loans, and Investment Landing for Homes. The Reserve Bank of Australia had been voicing its concerns about the real estate bubble in the country and a rebound in these data could point to an improvement in the market and help the aussie gather strength.

Technical outlook

In the last four trading days, the pair had been stuck in-between the 23.6% and 38.2% Fib. retracements of its May 9/June. 30 uptrend. Only a decisive move outside of this channel could signal the next direction for the pair. 0.7620 (Fib. 23.6%) aligns as the first technical resistance followed by 0.7710 (Jun. 30 high) and 0.7750 (Mar. 21 high). On the downside, supports could be seen at 0.7570 (Fib. 38.2%), 0.7515 (200-DMA) and 0.7460 (Jun. 6 low).

• AUD: Mildly bearish for the week ahead - ING
• AUD/USD room for a test of 0.7640 – UOB