• AUD/USD came under intense selling pressure on Thursday and dived closer to the weekly low.
  • The risk-off impulse benefitted the safe-haven USD and weighed on the perceived riskier aussie.
  • The market focus will remain glued to fresh developments surrounding the Russia-Ukraine saga.

The AUD/USD pair maintained its heavily offered tone through the early European session and was last seen trading around the 0.7175 region, down nearly 0.80% for the day.

The pair witnessed aggressive selling on Thursday and extended the overnight pullback from the 0.7285 area, or the highest level since January 14 amid a fresh wave of the global risk-aversion trade. The markets took a turn for the worst after Russian President Vladimir Putin authorized a special military operation to protect Ukraine's Donbas region. This, in turn, provided a strong boost to the safe-haven US dollar and drove flows away from the perceived riskier aussie.

NATO confirmed an official invasion of Ukraine and reports indicated that Russian forces are attacking the Ukrainian border around Belarus. Moreover, Ukraine border guards said that an attack is also coming from Crimea. US President Joe Biden called the attack unprovoked and unjustified and announced to impose severe sanctions on Russia. This further fueled worries about a further escalation of tensions between Russia and the West, which continued weighing on the sentiment.

The continuous worsening of the situation in Ukraine dragged the AUD/USD pair back closer to the lower end of its weekly trading range. Some follow-through selling will be seen as a fresh trigger for bearish traders and set the stage for a further near-term depreciating move. Thursday's release of the Prelim US GDP report might do little to provide any meaningful impetus as the market focus remains glued to fresh developments surrounding the Russia-Ukraine saga.

Technical levels to watch

AUD/USD

Overview
Today last price 0.7173
Today Daily Change -0.0057
Today Daily Change % -0.79
Today daily open 0.723
 
Trends
Daily SMA20 0.714
Daily SMA50 0.7178
Daily SMA100 0.7242
Daily SMA200 0.7341
 
Levels
Previous Daily High 0.7285
Previous Daily Low 0.7216
Previous Weekly High 0.7229
Previous Weekly Low 0.7086
Previous Monthly High 0.7315
Previous Monthly Low 0.6966
Daily Fibonacci 38.2% 0.7259
Daily Fibonacci 61.8% 0.7243
Daily Pivot Point S1 0.7203
Daily Pivot Point S2 0.7175
Daily Pivot Point S3 0.7134
Daily Pivot Point R1 0.7271
Daily Pivot Point R2 0.7312
Daily Pivot Point R3 0.734

 

 

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