The Australian dollar slumps from YTD highs around 0.7540 as market sentiment fluctuates as a result of developments concerning the Russia \u2013 Ukraine\u2019s crisis, China\u2019s Covid-19 outbreak, and higher inflation prompted global central banks to tighten monetary policy conditions.
The AUD\/USD pair is trading at 0.7492. The market mood turned positive on Russia \u2013 Ukraine ceasefire headlines, and Shanghai entered into lockdown on the Covid-19 outbreak
Risk appetite continues to be influenced by geopolitical factors and the weekend Covid-19 outbreak in China, which affected Shanghai, one of the largest cities, weighed on market sentiment. Meanwhile, Russia \u2013 Ukraine woes keep grabbing the headlines.
Late in the North American session, Russia is reportedly prepared to let Kyiv join the EU if it remains military non-aligned as part of ongoing ceasefire negotiations. That headline lifted US equities, which made a U-turn and ended Wall Street\u2019s trading session in the green territory.
Meanwhile, the US Dollar Index stays resilient, up 0.38%, sitting at 99.160, while US Treasury yields fall. Technically, the AUD\/USD retreated below the 0.7500 mark in the mid-European session, but late is staging a recovery towards the figure.
On the last three days, the Australian dollar consolidated in the 0.7450-0.7530 range until Monday\u2019s price action, when the pair managed to record a YTD high around 0.7540, retreating afterward.
On the downside, the AUD\/USD first support would be 0.7478. A breach of the latter would expose March 7 daily high at 0.7441, followed by 0.7400. Upwards, the AUD\/USD\u2019s first resistance would be the 0.7500 mark. Once cleared, the next resistance would be Monday\u2019s daily high at 0.7540, followed by October 28, 2021, a daily high at 0.7555, and then the 0.7600 mark.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian dollar slumps from YTD highs around 0.7540 as market sentiment fluctuates as a result of developments concerning the Russia \u2013 Ukraine\u2019s crisis, China\u2019s Covid-19 outbreak, and higher inflation prompted global central banks to tighten monetary policy conditions. The AUD\/USD pair is trading at 0.7492. The market mood turned positive on Russia \u2013 Ukraine …<\/p>\n","protected":false},"author":13,"featured_media":31723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7063,9440,9442,6987,7462,8432,7820,8592,9441,8496,8204],"class_list":["post-62843","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-aud-usd","tag-covid-19-outbreak","tag-eu-membership","tag-inflation","tag-market-sentiment","tag-nato","tag-risk-appetite","tag-russian-ukranian-crisis","tag-shanghai-lockdown","tag-tightening-monetary-policy","tag-us-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62843"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62843\/revisions"}],"predecessor-version":[{"id":62847,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62843\/revisions\/62847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31723"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}