AUD/USD holds onto gains above 0.75

The AUD/USD pair is moving sideways above the 0.75 handle as the market thins out before the Asian session gets under way. At the moment, the pair is up 0.05% at 0.7505.

Earlier during the day the pair refreshed its lowest level since January 17 at 0.7475 but struggled to gather a bearish momentum as the US Dollar Index failed to make a determined move above the 101.20 level. At the beginning of the NA session, the pair took back its daily losses as the greenback was sold amid falling U.S. Treasury yields.

Even so, the pair remained in a 30 pip range on Monday as it couldn't find a catalyst that could help it set a short-term direction. Fed Chairwoman Janet Yellen's speech at the University of Michigan, the only event that had the potential to be a market mover, failed to provide any fresh impetus.

• Fed's Yellen: I don't want to have to hike rates rapidly

The Asian session won't offer much to the markets regarding the economic data. National Australia Bank's Business Condition Index is due from Australia which will be followed by M2 Money Supply from China, but neither of the data is expected to have a major impact. Thursday's unemployment figures from Australia could be the next significant event for the AUD.

Technical outlook

A break above 0.7535 (100-DMA) could see a test of  0.7555 (200-DMA) and 0.7615 (20-DMA). On the downside, supports are aligned at 0.7455 (Jan. 16 low) and 0.7380 (Jan. 10 high) and 0.7300 (psychological level).