Pay attention to the machinery orders report due to be released an hour from now. If we break above the 124.85 level, look for a move to the upside to the 125.3 level. If we see clear rejection at the 124.85 level look for a move down to the 124.25 level. Any break below 124.25 and we could see further downward pressure.
AUDUSD looks virtually the same. RBA meetings a day from now could give us clearer direction.