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  • AUD/USD eases from YTD high, bulls await sustained strength above 200-DMA
Ekonomické zprávy

AUD/USD eases from YTD high, bulls await sustained strength above 200-DMA

  • AUD/USD climbed to a fresh YTD high on Thursday, though lacked any follow-through buying.
  • RBA rate hike bets, rallying commodity prices extended support to the commodity-linked aussie.
  • Geopolitical risks continued underpinning the safe-haven USD and capped gains for the major.

The AUD/USD pair retreated a few pips from the fresh YTD high touched during the early part of the European session and was last seen trading around the 0.7300 mark.

The pair attracted some dip-buying near the 0.7275 region on Thursday and climbed to the highest level since November 2021, though the uptick faltered near the very important 200-day SMA. The incoming upbeat domestic macro data lifted bets for an eventual rate hike by the Reserve Bank of Australia in 2022. This was seen as a key factor that extended some support to the Australian dollar.

Adding to this, the recent monster gains in commodity prices, along with hopes of ceasefire talks between Russia and Ukraine further benefitted the aussie. On the other hand, the worsening situation in Ukraine continued underpinning the safe-haven US dollar. This, in turn, held back bulls from placing aggressive bets and kept a lid on any further appreciating move for the AUD/USD pair.

In the latest development, reports indicate that Russia has intensified the bombardment of Ukrainian cities and Russian forces have captured the Black Sea port of Kherson. Apart from this, the overnight strong rally in the US Treasury bond yields extended some support to the buck. This, along with a softer tone around the equity markets attracted some sellers around the AUD/USD pair.

The mixed fundamental backdrops make it prudent to wait for sustained strength beyond a technically significant 200-day SMA before positioning for additional near-term gains. Market participants now look forward to the usual US Weekly Initial Jobless Claims data. Traders will further take cues from Fed Chair Jerome Powell's testimony for some impetus around the AUD/USD pair.

Technical levels to watch


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