EUR/USD has broken topside while AUD/USD is underperforming ahead of its RBA meeting today. Expect rate cute to further stall the AUD/USD rally. EUR/USD is getting support from sovereign reserve managers and a large drop in Spanish and Greece Yields. The Eurozone collapse tail risk is pretty much gone leaving the Euro with plenty of upside especially if China soft lands and Japan/US expand QE. While these also support the AUD/USD the room to move for the topside is more limited without news such as Spain requesting official bailout which should help the EUR/USD more. Alternative any risk aversion should see the AUD/USD slump from these levels quite sharply.