AUD/USD rally takes a break ahead of 0.76

The AUD/USD pair's relentless rise on Thursday lost its momentum before testing the 0.76 handle amid a renewed buying interest on the greenback at the early trading hours of the American session. As of writing, the pair was up 0.85% on the day at 0.7588.

Earlier today, Australian employment report showed that the number of employed rose by 60.9K in March, beating the expectations of 20K. Further details of the report revealed that the full-time positions increased by 74.5K, which was the key highlight that may have caused the upsurge in the AUD. Although there were some strong readings in employment numbers earlier during the year, the data was thought to be misleading as it was overblown by the increase in part-time jobs and March numbers eliminated that concern.

• AUD gains supported by strong employment data - BBH

The RBA also recently stated that they needed to see some improvements in the labor market to have confidence in the economy. Today's data could be that 'improvement,' which could help the RBA be more optimistic about the economy.

On the other hand, the US Dollar Index is hanging on to the recovery gains on Thursday as it's seen at 100.36, up 0.3% on the day and making it a bit tough for the AUD/USD pair to extend the bullish move.

• US: Consumer sentiment inched upward in early April - UoM

Technical outlook

A break above 0.7600 (psychological level) could aim for 0.7620 (50-DMA) and 0.7680 (Mar. 30 high). To the downside, supports align at 0.7550 (200-DMA), 0.7500 (psychological level) and finally 0.7470 (Apr. 12 low).