The Australian dollar is trying for the third time in US trading to break 1.0500. The bounces have gotten more and more shallow, which is a bullish signal.
On the other hand, the offers at the big figure appear large and given the rally in stocks you would expect more gains. Behind 1.0500 there is said to be a great deal of sell interest with offers up to 1.0520 but some buy stops are likely mixed in.
Afterwards, the next layer of offers is at 1.0550.
On balance, I think the bullish argument wins out but Chinese import/export numbers later today are a risk.
