Tuesday’s trading session saw the Australian dollar fluctuate between 0.71 and 0.72 throughout the day as we sat slightly above that level. Of course, the Australian dollar is a “risk on” currency. Given the current attention on the Russia/Ukraine scenario, this is a market that will move in lockstep with geopolitical risk. There have been indications in the past 12 hours that the Russians are withdrawing some of their forces, which is obviously dangerous.
The price line has a pivot point below it at 0.71560, with support at 0.71500 and resistance at 0.71640. The EMAs of 200, 100 are moving horizontally, and the EMA of 10 crossed the EMA of 100 with an upward signal. The MACD is in the positive zone, with the signs indicating an upward trend. The Stochastic and RSI indicators are in high ranges and the ADX is not indicating a clear trend.
The price is above the Ichimoku Cloud and the Chinkou Span is near the market price. The Tenkan-sen is moving upward but the Kijun-sen is moving in horizontal state.

• There is resistance at 0.71640, followed by resistance at 0.71700 and 0.71780.
• There is support at 0.71500 Below, there is 0.71420 and 0.71360.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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