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I interpret the first verse as "inhale". For me the poetic side of those lines allows some level of meditation. Think- as if stop - before making next decision apply to your marvellous mind. Sensibly - that is for me a reminder to ground myself into self trusting. I'm a sensible human, I am capable but more importantly I'm capable of sensible (smart, appropriate, with right timing) actions. For Aue - actions that will benefit me (for joy) and won't harm others (avoid woe).
My actions, my values and I'm as person - all of this can be controlled and nurtured through thinking, collecting thousands of urges and rapid ideas into one-self - is the act of thinking. It should aspire to the highest level of sensibility but not only it should be a cold calculation but loving and compassionate one that brings joy and reduces woe.