Technically there's room for some correction in the pair. A bigger picture view is also that WTI will go up at $55, and that will give a boost to AUD.

Taking into account that currencies the past few months even if they go up and down in big movements they never seem to catch on a trend and keep going, we'll be conservative in our view and pick the 50% Fibo level 2.088 in the monthly for our prediction, which is also about the same level of the 0.236% Fibo level in the weekly chart.


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