ANZ - "AUDUSD: Despite slipping below 0.8925, AUD managed to avoid an early slide into the longer-term 0.8550- 0.8675 target area.
Bias is swinging towards another squeeze into the 0.9250-0.9300 area, but bounces have faltered in front of the first perceived hurdle of 0.9050 (another lies at 0.9120). Any slip below 0.8925 could undermine upside potential again, leaving AUD at risk of an early slide. Even if the squeeze develops, it will still be seen as a selling opportunity.
EURUSD: There is some that concern whilst the EUR held above 1.3300, the favoured pattern was gaining force. The breach of 1.3270 duly triggered a deeper slide and has raised the potential of a sharp test of 1.3050 (50% of recent gains). This should also increase the risk, as outlined in the chart above, of a slide to test the 1.2750 area. Note that a measured move off the recent spike to 1.3450 would imply a deeper slide to test 1.2500.
Even if a deeper slide develops, it would still considered to be re-defining a broad 1.25-1.37 trading range. A spike back above 1.3270 is needed to avoid downside pressures."