A batch of outright offers on risk currencies following Spanish banking sector jitters, coupled with the fading effects of Greek poll news, initially sent the Euro and Australian Dollar to lows of the session at 1.2509 and 0.9800 vs the US Dollar respectively.
As the Asian session makes progress, however, Tokyo and presently HK/Chinese markets got cold feet to build up on US Dollar gains, leading to a shift in sentiment now more supportive of 'risk on' conditions; this has resulted on EUR/USD traveling back to retest yesterday's low at 1.2525 while AUD/USD is even on a better bid tone, currently testing US lows at 0.9833. Equities are also showing moderate strength.
From a pure technical perspective, the AUD/USD looks set to have reverted the initial negative readings, and the bullish upward reversal candle printed on the hourly chart off 0.9800 looks to have further room to run till faced with 0.9840-42 congestion area (intra-day consolidation late US) ahead of 0.9885 (weekly high).
On the EUR/USD domain, and despite the EUR bears still have plenty of negative fundametals to chew on, the regain of 1.2525 may set the stage to threaten higher ground at 1.2550-60 (US session intra-day highs/Monday Asian lows) followed by 1.2600. The prospects of printing higher bands above the round number still look distant.
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