Softer USD for now....

E$ finally took a dip below 1.3000 to 1.2993 to flush out some sell stops before it returned to the defined range. Market is looking forward to German ZEW out at 5:00pm (Sin/HK) and also Wednesday and Thursday's Humphrey Hawkins where Bernanke will be testifying.
Looking at the stop loss orders, market is seemed to be alittle lopsided and I expect a squeeze above 1.3100 in the later part of today's session. As the price action unfolds itself, the probability of seeing 1.3200/50 is getting higher.

Below are a couple of A$ charts to substantiate my view for a firmer Aussie towards 0.9350/0.9400.

Europe order book:
Stop loss: 1.3050-40, 1.3100, 1.3120/30, 1.3145/50 and 1.3170/80
Limit: 1.3145/50

Primary trend: Bullish
Intermediate trend: Range between 1.2800 to 1.3250 before lower for 1.2400
Minor trend: Mildly bullish

Technically, shorter intraday indicator was in o/b region and market in the process of unwinding. Shorter intraday momentum indicator suggests consolidation but longer intraday one is pointing higher.
Taking other technical signals into consideration, I expect an initial dip before higher again. Expected trading range 1.3010/30 to 1.3140/50.

E$ 8-Hourly chart - Strong support region

A$ Daily chart - Bullish convergence 

A$ Weekly chart - Long engulfing body Doji after prolong downtrend is an important signal....