Given the price action in the AUD/USD and the EUR/USD during the past 24 hours, in my experience, we will probably see momentum and model buyers coming into the market during the European and NY sessions today. Also, look for early Europe to try and take it back below 1.2880 to trigger intraday stops but then hold on for the move higher.
The 1.3000 level is likely to offer minor resistance as is the 1.2940 level which is where the 50 day moving average currently resides. The level i am more interested in as a target is the 1.3050/00 region which is where the 100 day MA comes in and a break of 1.3100 opens the way for 1.3400 and then 1.3810.
As for the AUD/USD, Sean put it perfectly!
