Risk appetite remains generally firm in European session but trading has turned a bit subdued with France, Germany and Swiss on bank holiday. Dollar is trying to recovery entering into US session, but remains one of the weakest, along with Yen and Swiss France. Australian Dollar is leading commodity currencies higher while Euro is losing some upside momentum. Gold dips mildly today and it’s back below 1740. If the greenback is to recovery, some deeper pull back in gold should be seen in according to confirm momentum.

Technically, Euro seems to be losing much of last week’s upside momentum. In particular, EUR/AUD is heading back to 1.6453 support break will resume the decline from 1.9799. More importantly sustained trading below 1.6597 key support level will carry larger bearish implication and target 1.6085. EURCAD is also back pressing 4 hour 55 EMA. Break will suggest that rebound form 1.5054 has completed. Corrective pattern from 1.5991 would then extend with another fall to retest 1.5054.
In Europe, currently, FTSE is up 1.06%. CAC is up 1.16%. Earlier in Asia, Nikkei rose 0.84%. Hong Kong HSI rose 3.36%. China Shanghai SSE rose 2.21%. Singapore Strait Times rose 1.60%. Japan 10-year JGB yield rose 0.0039 to 0.009.

Source: www.actionforex.com