E$ finding support as USD fades...

Optimum liquidity should return to the market as most centres are back from the Easter holiday. E$ spent most of Monday session short-covering and then pushed higher on the back of weaker-than -expected US March ISM data, clearing a batch of buy stop at 1.2845/50 and printing high of 1.2867 before easing to consolidate around current level. More stop loss orders above continue to attract attention and momentum seems to be able to support another run for 1.2950/60. Market's first focus is on RBA rate announcement later at 11:30am (Sin/HK).

By the way, there seem to be sign of USD running out of steam in recent days.

Primary trend: Bullish
Intermediate trend: Bearish for 1.2650/80 (degree of bearishness has fallen as momentum seems to be turning higher. However, still within bearish channel and below DMA200)
Minor trend: Mixed with upside bias

NY order book:
Stop loss: 1.2730, 1.2755/50, 1.2890/910, 1.2920 and 1.2930/50
Limit: 1.2700, 1.2755/50 and 1.2875

Technically, intraday indicators are getting into o/b zone though not extreme. Shorter intraday oscillators are still suggesting consolidation but with slight upside bias. Longer intraday oscillator though still pointing lower but waning. In summary, technical signals favour another day of higher price action with initial resistance 1.2875/85 for a correction lower to 1.2800/20 (on first test) before another push for 1.2940/60. However, I do not foresee E$ being able to sustain above 1.2900 for this round. I prefer to buy the dip before 1.2900 is seen first.

E$ Daily chart - Retest DMA21 at 1.2930/40