Another Quiet Session Expected

Thin trade on Friday saw AUD/USD drop towards the 0.76 handle, coming under pressure as the greenback rose after a stronger-than-expected jump in March payrolls, the gain of 916k was the most in seven months, and came alongside an upward revision to the February data. The pair last trades at 0.7609, down 1 pip on the session. Widespread holidays in Europe and Asia are expected to keep liquidity thin .Australian markets are closed today for Good Friday, participants will return on Tuesday.

• From a technical perspective AUD/USD maintains a bearish tone. The pair has breached support at 0.7563, Mar 25 low and also cleared the Feb 2 low of 0.7564. This reinforces the current bearish theme following the confirmation of a head and shoulders reversal pattern on Mar 23. The move lower opens 0.7517 next, Dec 22 low. On the upside, initial resistance is seen at 0.7664, Mar 30 high.
• In terms of domestic data releases Australia March Melbourne Institute Inflation hits the wires at 0200BST/1100AEDT, the release is not expected to be a market mover.