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  • Following yesterday’s call, the price reached the mean reversion target area and has not deviated ahead of the Aussie data and RBA today.
  • While below the 77.50/60 resistance area, the price can target the  Ichimoku cloud bottom and 4th Jan lows confluence on a test of the 50% Fibo target at 75.80ish.  
  • First, the 38.2% Fibo and recent lows need to give.
  • On the upside, where stochastics lean,  the cloud resistance comes in at the collection of the moving averages with 78.40/50 a key area that meets the 23.6% Fibo.

Daily chart