AUD/USD has been in a tight range below the 0.74 handle while commodities remain subdued and the greenback mixed.AUD/USD has been in recovery mode since last week's sell-off from the 0l75 handle down to 0.7392. Data is light while Australia has been out although the week is set to pick up with Aussie jobs and a good amount of US news scheduled, including the Fed. "Market dynamics have shifted and the hurdle to further near term weakness in the AUD has risen. With the RBA placing itself on the sideline and the domestic data pulse fairly quiet next week, the AUD’s performance is going to be driven by the Fed. The hurdle for them to get more dovish is high and so the AUD is likely set to range trade," suggested analysts at ANZAUS/USD levelsValeria Bednarik, chief analyst at FXStreet explained that in the 1 hour chart, the technical indicators have turned south within positive territory, whilst the price stands a few pips above a horizontal 20 SMA, around 0.7380, indicating an increasing downward potential. "In the 4 hours chart, the downside is favored although with limited downward strength, give that the Momentum indicator heads higher within bearish territory, and the price holds above its 200 EMA."