AUD/USD has made a strong recovery of the 2016 downtrend with 60 pips or so to go before exceeding the opening price for 2016 and enroute for the 200 dma at 0.7323. The price is moving in respect to risk apatite, oil and stocks and whether the Fed can continue to gradually increase interest rates while the RBA will be monitored for a ore cautionary approach as we progress through 2016. China is out for the week and data is light, however Yellen and Stevens both testify this week. New home sales and business confidence/conditions are up in the Asian shift as well today. Technically, AUD/USD has strong resistance ahead at 0.7180 with the 2014-2016 downtrend. The pair has has sold off below the 55 dma at 0.7139. A move back below the 0.7017 November low should be enough to trigger further weakness. "Longer term the risks are on the downside and we target the 0.6774 2004 low. Nearby support at 0.6920 guards the 0.6828/29 recent lows," explained Karen Jones, chief analysts at Commerzbank. For more information, read our latest forex news.