- AUD/USD continues to slide despite improved market sentiment on the Ukraine news.
- Ukraine would not insist on joining NATO – AFP.
- AUD/USD Price Forecast: Long-Term Neutral, Skewed To The Upside, But Could Extend Towards Fibonacci 50% Confluence With 0.7200 Level.
The AUD/USD It fell for the second day in a row, despite an improved market mood, spurred by the announcement that Ukraine will not insist on joining NATO, AFP reported. However, at the time of writing, the AUD/USD is trading at 0.7280, shedding 0.47%.
Earlier in the day, the market mood was gloomy, buoyed by no progress in the Russia-Ukraine negotiations. However, the last minute events, linked to one of the conditions of the Russian president, Vladimir Putin, to a ceasefire, seem to be fulfilled, in what seems to be a point in favor for Russia, so that it remains neutral.
US stock markets jumped off lows and reacted positively to headlines, gaining between 1.06% and 2.13%. Gold retreated from daily highs in the commodity complex, while the US crude oil benchmark WTI is sideways, albeit above $121 a barrel. Meanwhile, as the US dollar index shows, the dollar is down 0.30% to 99,000.
In the overnight session, news that the European Union (EU) is preparing to jointly issue a large-scale bond to finance energy somewhat eased the market mood. However, demand for safe haven pairs and rising US Treasury yields put a cap on AUD/USD.
Both countries’ economic dockets lack the market-moving news expected by market players. At around 22:30 GMT, Reserve Bank of Australia (RBA) Governor Lowe will make cable remarks, while on Wednesday, the US economic docket is expected to feature JOLT jobs vacancies, which will be they expect at 10.96 million.
AUD/USD Price Forecast: Technical Outlook
During the overnight session for American traders, AUD/USD jumped from Monday’s lows around 0.7313, reached a daily high around 0.7347, then dipped below the S1 daily pivot point at 0.7244, before stabilizing around 0.7280.
AUD/USD remains neutral with a bullish bias, but in the short term, a leg towards the 50% Fibonacci retracement at 0.7204, an area converging with the 100 and 50-day moving averages (DMA), could be under way. letters. That said, the first support for the AUD/USD would be the 38.2% Fibonacci level at 0.7260. Once cleared, the AUD/USD would reach the level mentioned above.
Additional technical levels
|Last Price Today||0.7274|
|Today’s Daily Change||-0.0044|
|Today’s Daily Change %||-0.60|
|Today’s Daily Opening||0.7318|
|20 Daily SMA||0.7217|
|50 Daily SMA||0.7192|
|100 Daily SMA||0.7235|
|200 Daily SMA||0.7322|
|Previous Daily High||0.7441|
|Previous Daily Minimum||0.731|
|Previous Maximum Weekly||0.7381|
|Previous Weekly Minimum||0.7158|
|Monthly Prior Maximum||0.7286|
|Previous Monthly Minimum||0.7032|
|Daily Fibonacci 38.2%||0.7361|
|Daily Fibonacci 61.8%||0.7391|
|Daily Pivot Point S1||0.7272|
|Daily Pivot Point S2||0.7226|
|Daily Pivot Point S3||0.7141|
|Daily Pivot Point R1||0.7403|
|Daily Pivot Point R2||0.7487|
|Daily Pivot Point R3||0.7534|
Source: Fx Street