- The Australian dollar advances supported by recovery in the markets.
- DXY falls 0.15%, despite rebound in Treasury yields.
The AUD/USD extended the bullish run and climbed to 0.7267, the highest level since mid-January. The rise was driven by the recovery in equity markets and some weakness in the dollar.
Stocks in Europe are rising as are Wall Street futures, reflecting increased demand for riskier assets. The focus continues to be on the conflict in Ukraine, with an eye on what else Russian troops are doing and on the sanctions that are being announced against Russia.
As far as data is concerned, It will be a day without impact reports on Wednesday. The exposition of Mary Daly, president of the San Francisco Federal Reserve, stands out.
The dollar presents mixed results on Wednesday, weakened by risk appetite and partly helped by the rise in Treasury yields.
The aussie in recent hours has been one of the best performers, receiving an extra boost from the rebound of the AUD/NZD. The cross had plummeted after the Reserve Bank of New Zealand decision to 1.0667, the lowest since late January, and is now above 1.0700.
short-term outlook
The AUD/USD bullish trend remains firm and especially after confirming above 0.7220. Ahead the pair has resistance around 0.7275 and then 0.7295 will follow. In the opposite direction, at 0.7255 the first support can be found followed by 0.7230. A drop below 0.7200 would ease the upside pressure.
Technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
