• The Australian dollar remains in the front foot in the week, up some 0.68%.
  • Despite a mixed market mood, the US Dollar Index fails to weigh on the AUD.
  • AUD/USD Technical Outlook: Range-bound but close to an upward break if it remains above 0.7200.

The Australian dollar stays firm in the North American session as tensions in Ukraine increase. At the time of writing, the AUD/USD is trading at 0.7223. The market sentiment is downbeat in the equity space, while in the FX complex, risk-sensitive currencies remain in the front seat, to the detriment of safe-haven peers.

Meanwhile, the US Dollar Index visited the 96.00 mark during the session, falling to the 95.96 figure, down 0.12%, while the US 10-year Treasury yield edges up two basis points, up at 1.948%.

Tensions between Ukraine and Russia intensified as Russian President Putin asked the Upper House Parliament to deploy Russia’s armed forces abroad. At the same time, NATO’s Chief Stoltenberg said they would continue to provide Ukraine strong political support while saying that NATO has over 100 jets on high alert.

In the US, Secretary of State Blinken said that yesterday’s actions are the beginning of the latest Russian invasion of Ukraine. Blinken added that Russia poses a threat to the security of people everywhere in the world.

Back to the AUD/USD, the Australian economic docket featured the ANZ Consumer Confidence, which dropped 1.4%, despite easing restrictions in NSW. In the last week, inflationary expectations ticked a tenth up from 5% to 5.1%. Meanwhile, the US economic docket revealed the IHS Markit Manufacturing, Services, and Composite PMIs for February, all of them better than foreseen. Later, the Conference Board reported that Consumer Confidence for February beat expectations came at 110.8 vs. 110.0 estimations but trailed January 113.8 print.

AUD/USD Price Forecast: Technical outlook

The AUD/USD is neutral-biased as it stays confined between the 50 and 100-day moving averages (DMAs), with the latter above the former. However, it broke above a three-month-old downslope trendline in the near term, opening the door for further upside, but would need a daily close above it.

If the abovementioned plays out, the AUD/USD first resistance would be the 100-DMA at 0.7240. Breach of the latter would expose December’s 30 daily high at 0.7275, followed by the 0.7300 mark.

AUD/USD

Overview
Today last price 0.7223
Today Daily Change 0.0030
Today Daily Change % 0.42
Today daily open 0.7193
 
Trends
Daily SMA20 0.7131
Daily SMA50 0.7174
Daily SMA100 0.7243
Daily SMA200 0.7346
 
Levels
Previous Daily High 0.7223
Previous Daily Low 0.7166
Previous Weekly High 0.7229
Previous Weekly Low 0.7086
Previous Monthly High 0.7315
Previous Monthly Low 0.6966
Daily Fibonacci 38.2% 0.7201
Daily Fibonacci 61.8% 0.7188
Daily Pivot Point S1 0.7165
Daily Pivot Point S2 0.7137
Daily Pivot Point S3 0.7108
Daily Pivot Point R1 0.7222
Daily Pivot Point R2 0.7251
Daily Pivot Point R3 0.7279

 

 

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