To be completely honest, i have no idea just yet, maybe the coffee needs a minute or two longer to kick in. One thing i do know is that we have some interesting levels to play with in Asia today.
The AUD/USD has poked its head above the 0.7150 resistance but has not been able to sustain the move, yet. If we continue to cap at this level then expect a dip back to 0.7080. Above 0.7150 with conviction sees that 0.7230 level retested. The weekly picture still makes me think we have seen the highs for this run up (0.7320) and we should meet fresh resistance at the 200 DMA which comes in around 0.7260.
The EUR/USD was the superstar last night, breaking back above the all important 1.3100 level and we now look like we could head back to 1.3300. For a tight speccy trade you could look at buying the EUR/USD here at 1.3130 with a stop below 1.3090.
The USD/JPY still looks less and less likely to hold above 97.50/60, but while it does it retains the integrity of the bull channel and could head back to 101.00. Same rules as yesterday, play from the long side while we are above that region and get short and shorter on the break below for a move back to 94.00.
