We describe local and global properties of wavelet transforms of ultra-differentiable functions. The results are given in the form of continuity properties of the wavelet transform on Gelfand-Shilov type spaces and their dual spaces. In particular, we introduce a new family of highly time-scale localized spaces on the upper half-space. We study the wavelet synthesis operator (the left-inverse of the wavelet transform) and obtain the resolution of identity (Calderón reproducing formula) in the context of ultradistributions.2010 Mathematics Subject Classification. 42C40, 46F05, 46F12.