The Australian dollar has continued its upward trend against the U.S. dollar on Monday, as the price of iron ore and other commodities have begun to stabilize.

At the Asian open, one Australian dollar was buying 76.21 U.S. cents, up from the 75.85 U.S. cents it was trading at late Friday.

With the price of iron ore continuing to consolidate, Elias Haddad, senior currency strategist at CommSec told Xinhua in a statement on Monday that the Australian dollar will remain "firm" this week.

"The U.S. dollar is consolidating, and iron ore prices appear to be forming a base," Haddad said.

Chris Weston, chief market strategist at IG, believes now is the time for investors to get out of the Australian dollar.

"The Australian dollar was the star performer last week in the G10 foreign exchange, but we are coming back into what has been such an exceptional sell zone for the Australian dollar against the U.S. dollar, really since April 2016." Weston said.

At 1105 local time AEST, one Australian dollar is buying 76.26 U.S. cents, while crude oil is trading at 44.62 U.S. dollars per barrel.