AUD/USD stuck in narrow range amid thin holiday trading

The AUD/USD pair has been moving sideways in a tight 10-pip channel in the last few hours as the market thins out as the investors leave for a long Easter weekend. At the moment the pair is trading at 0.7570, up 5 pips on the day.

On Thursday, the AUD was one of the best-performing currencies fueled by the strong jobs data from Australia. Although the US Dollar Index has been able to correct yesterday's losses, the AUD/USD pair closed the day around 30 pips higher after rising as much as 60 pips. In addition to positive data, the pair broke above the important 200-DMA hurdle and probably attracted more bids.

• AUD gains supported by strong employment data - BBH

During the Asian session, the only data due from Australia is the Westpac Consumer Confidence. However, the price action is likely to remain subdued. The CPI and retail sales figures from the U.S. could bring some volatility into the markets before the trading week comes to an end.

Technical outlook

The pair could face the initial hurdle at 0.7600 (psychological level) on its way to 0.7620 (50-DMA) and 0.7680 (Mar. 30 high). On the flip side, a break below 0.7550 (200-DMA) would aim for 0.7500 (psychological level) and finally 0.7470 (Apr. 12 low).

• AUD: Neutral bias for the week ahead - Westpac