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Ultimately, look for value on pullbacks in the short term, but Jerome Powell could change everything if you can get his message across finally. However, we have given back some of the gains, so it does look like we are struggling a bit to continue going higher. Keep in mind that the market is a little stretched, so a bit of a pullback probably is not a major surprise if it happens. Nonetheless, the Australian dollar looks like it’s going to do everything it can to break out, so given enough time I do think that we go looking to the 0.72 level.That being said, you can see that it is a big fight that we have on our hands, so we will have to watch to see what happens next. A pullback to the 0.
That being said, it’s also worth noting that the Reserve Bank of Australia also has to deal with extraordinarily hot inflation, so both of these currencies could see a lot of external pressures in both directions. Ultimately, look for value on pullbacks in the short term, but Jerome Powell could change everything if you can get his message across finally.