Aussie Rises With Wage Price Data Eyed

AUD/USD traded with a bullish bias Tuesday, even as the West fired the initial barrage of sanctions at Russia, while the drumbeat of war grew louder. On the other hand, some speculated that Russia might refrain from deploying troops past the borders of self-proclaimed Donbas republics, while most leaders reiterated commitment to diplomacy (even as planned summits with top Russian officials were called off).

• The rate has extended gains in early Sydney trade, as an uptick in U.S. e-minis & ASX 200 pointed to a modicum of reprieve for risk assets. AUD/USD changes hands at $0.7230 as we type, up 11 pips on the day.
• Bulls need a clearance of the 100-DMA/Feb 10 high at $0.7242/49 before taking aim at $0.7277, which capped gains on Jan 20. On the flip side, losses past Feb 14 low of $0.7086 would clear the way to Feb 4 low of $0.7052.
• Eyes are on Australian completed construction work & wage prices, due at the bottom of the hour, with participants also on the lookout for any trans-Tasman spillover from today's RBNZ decision. Note that Australia's own central bank meets to review its monetary policy next week.