If looking in the short term, the latest up-wave has been stranded in an ascending . The Aussie has, however, remained near its northern boundary for several trading sessions. This suggest that it could eventually breach the weekly R1 located at 1.0401. This scenario would then push the rate towards the senior channel circa 1.0420.
Meanwhile, technical indicators suggest that the rate could afterwards edge lower, thus failing to breach this mark. In case the 55-hour is breached today, the Aussie is likely to stop near 1.0340.
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