AUD/USD recovers back to 0.75 mark

Having found support at 0.7475 during the mid-European session, the AUD/USD pair started to recover its daily losses at the beginning of the NA session. At the moment the pair is up 0.07% at 0.7501.

The pair started the trading week under pressure and extended last week's decline. After braking the 200-DMA support, the pair also pierced through the 100-DMA late Friday as the US Dollar Index jumped above the 101 mark to close the week in a strong manner.

However, the greenback couldn't keep the bullish momentum against its rivals and came under pressure after failing to move above the 101.20 mark. As of writing, the index is losing 0.12% on the day and is at 100.95. The fact that the major stock indicez in the United States had a positive start to the day also supports the AUD by increasing the risk appetite. 

The most recent data from the United States showed that the Labor Market Conditions Invex for March eased to 0.4 from 1.5 in February. Later in the day, the participants will be keeping a close eye on Chairwoman Janet Yellen's remarks.

Technical outlook

The immediate resistance for the pair is seen at 0.7535 (100-DMA), above which the pair could aim for 0.7555 (200-DMA) and 0.7615 (20-DMA). On the downside, below the daily low at 0.7475, the pair could drop further towards 0.7455 (Jan. 16 low) and 0.7380 (Jan. 10 high).

• AUD: Weakest of the major currencies - BBH