Chart - Courtesy Trading View
AUD/USD was trading largely unchanged at 0.7292 at around 04:10 GMT.
The pair has edged higher from session lows at 0.7276 and is on track to test 200-DMA at 0.7323.
US dollar continues to draw safe-haven flows amid a 25bps rate hike hinted by Fed Chair Jerome Powell next week.
US Federal Reserve (Fed) chair Jerome Powell, in his testimony on Wednesday, underpinned a 25 basis points (bps) interest rate hike in March’s monetary policy meeting.
Focus remains on Ukraine-Russia peace talks. If risk-aversion intensifies, greenback could find demand, dragging the pair back in the red zone.
On the data front, focus will be on US Initial Jobless Claims and ISM Services PMI, which are due later on Thursday.
Technical bias for the pair is bullish. Momentum bullish, volatility is high. MACD supports further upside in the pair.
Major Support Levels:
S1: 0.7266 (5-DMA)
S2: 0.7236 (110-EMA)
S3: 0.7206 (21-EMA)
Major Resistance Levels:
R1: 0.7323 (200-DMA)
R2: 0.74
R3: 0.7484 (Upper W BB)
Summary: AUD/USD trades with a bullish bias. The pair is on track to test 200-DMA at 0.7323.
