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These are all factors that could continue to support the A$ and it looks like we could remain in a 0.7950 to 0.8200 range for the next week or so. This range may yet extend up to the Jan highs at 0.8295, but beyond that we see increasingly expensive as the terms of trade continues to fall - thus we see AUD rolling over into mid-year and beyond.
Price traded within 100 points of our interim target last week and short term momentum failed. This is worthy of a short term correction but not trend change. Above 0.7788 the uptrend remains in play. Target 0.8250/00”.