AUD/USD met resistance at 0.7450 and then again at 0.7490/00 where sentiment went with the bears all the way back to current levels and previous resistance 0.7370/00.The risk off theme that entered markets at the end of last week took stocks down and US oil along with it to trade below $50.00 with WTI testing below $49.00 and hitting $48.46 the low (below the 20 dma) with US yields rising, despite the Fed this week that are not expected to raise rates. For today, markets are expected to remain quiet due to the Queen's birthday and Australia on holiday while tomorrow brings Chinese data in retail sales and industrial production. The week ahead then spices up with both the Aussie jobs data and various US data such as retail sales, housing and consumer sentiment and CPI's, as well as the Fed. AUD/USD levelsAUD/USD has been capped on the hourly charts since the aforementioned slide from same highs by the 20 sma on the hourly sticks that today and currently resides at 0.7393 with price eyeing the 200 sma on the same time frame at 0.7353. However, the price is stabilising in consolidation in early Asia in thin markets. With the move back below the 0.7381 October 2015 high now brings in the 200 day ma at 0.7263. "Above 0.7505 will see a deeper retracement to 0.7572 and potentially 0.7688, the 78.6% retracement of the sell-off from April," suggested analysts at Commerzbank.