At the time of the analysis, the pair was trading near 1.0500. In case it succeeds ate reversing to the upside from this two week low, this would confirm the bottom boundary of a newly-formed , thus pointing to a subsequent surge.
The current positioning of technical indicators suggests that the Aussie might be due for a correction upwards in line with the aforementioned junior channel. A possible upside target for this session could be the combined resistance of the 100– and 200-hour SMAs, while it might reach 1.0660 within the following week.
On the other hand, a breakout from 1.05 should send the pair towards the 38.2% Fibo retracement and the monthly S1 at 1.0445 and 1.0425, respectively.
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