EUR/USD Current price: 1.3526View Live Chart for the EUR/USD
The Euro is back on track, technically well positioned to launch another attack towards recent trend highs. The vigorous rebound off lows has been nothing short of astounding, and with such bullish momentum hard to fade - pause and consolidation in Asia possible -, the pair should be well supported on shallow dips. One hint over the current commitment of buyers was seen thru Tuesday's American session, when a pullback to 1.35 was graciously welcomed by value hunters. Clean break above 1.36 allows retest of 1.37. Break higher may have to wait until ECB's outcome later this week.
EUR/JPY Current price: 127.15View Live Chart for the EUR/JPY (select the currency)
USD/JPY Current price: 93.65View Live Chart for the USD/JPY (select the currency)
The upside resolution into new trend highs with the subsequent 8 hours+ consolidation above the breakout level is a positive sign for further appreciation. Any pullback to retest the broken-resitance-turned support enjoys now the confluence of a rising 20-EMA on the hourly chart. The market continues to show clear impulsive moves followed by retracements corrective in nature. The next upside target is located at 94.70 - April 2010 highs-. Bear will have a hell of a job if they are to regain control, with first mission to regain the downside of a 45º angled 20-EMA on the H4, which continues to command prices higher, a pattern observed during last Asian session.
AUD/USD: Current price: 1.0382View Live Chart for the AUD/USD (select the currency)
Within the context of a daily range with well defined parameters between 1.0480 and 1.0350, the risk continues to be skewed to the downside as per recent squeeze of longs. Price is making lower highs and lower lows since yesterday's RBA dovish meeting, an early indication of a pre-breakout scenario. A bounce back above 1.0415 - last swing high - would negates the structure, potentially forcing sellers to admit temporary defeat and abort the mission south, which would result in in erratic choppy conditions forming again.
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