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Currently, the currency pair is challenging the upper trend-line, thus increasing the possibility of a break-out to emerge. Moreover, the fact that the Aussie is holding above the 1.10 mark is a sign that pair is not likely to dip below this level. A majority (66.71%) of the SWFX market participants are also bullish on the pair. At the same time, the technical studies are not giving any valuable signals. If the pattern is breached to the upside then the 1.1100/12 levels become the target.
© Dukascopy Bank SA