EURUSD holds onto gains, Retail accounts buying AUDJPY

EUR hs held onto the 1.47 handle this afternoon and is currently trading at the day’s high. Intraday shorts continue to cover and with no technical resistance until 1.4850-60, traders will turn to Europe soon for clues. There are some sellers here at 1.4750-70 but nothing large.

There has been a lot of AUDJPY buying this afternoon by Japanese retail accounts ahead of the RBA rate decision tomorrow. It is widely expected that the RBA will raise by 25 bp, with some expecting even 50bps.