Resistance Still Evident Ahead Of 0.6760

AUD/USD has had range bound start to the week. We sit close to 0.6750 currently, after rough a 0.6740/0.6755 range in the first part of trading. Resistance still appears evident ahead of the 0.6760 region, which we couldn't breach late in NY trading on Friday. There don't appear to be any notable option expiries around this level for the week, while the simple 100-day MA sits higher near 0.6790.

• Data on Apr NAB business conditions and confidence were close to Mar levels (0 for confidence, -1 prior, 14 for conditions, 16 prior). Mar building approvals came in weaker than expected -0.1% m/m versus +3.0% forecast. These releases haven't impacted A$ sentiment though.
• The currency will likely take its cue from broader macro themes. US equity futures are off earlier highs (eminis last around 4147 -0.08%), which has likely helped curb AUD gains. Front end US yields are off earlier highs as well though. Commodities are slightly softer in aggregate, with both oil and iron ore weaker, copper slightly firmer.