The market is leaning towards a more optimistic tone at the moment, with equities surging to start the session.
The Russia-Ukraine war is still playing out but we are going to be observing a ceasefire in hostilities today to respect and observe humanitarian corridors. But it is best to remember that we are still in the eye of the storm.
As much as there is optimism now, anything can still happen and headline risks are still central.
Going back to the more optimistic market mood, that has seen the aussie creep higher on the day with AUD/USD trading up 0.5% to just above 0.7300:
The key resistance level to watch will be the 200-day moving average (blue line) @ 0.7316. Break above that and buyers can perhaps look towards another run at 0.7400 but keep below and sellers will also have a technical area to lean on in keeping price action contained for the time being.
Elsewhere, the euro is also up 0.3% against the dollar to 1.0930 as the market continues to digest the overall landscape at the moment.