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FXstreet.com (Barcelona) - EUR/AUD is currently breaking higher at 1.2638, level not seen since beginning of this year, when it reached a high of 1.2699 Jan 02, and already above lows Dec 31 '11. The cross is up +1.30% since yesterday's Asia-Pacific open, and higher +1.61% for the week, at the time EUR/USD just crossed fresh weekly highs marginally moments ago.

AUD/USD had a tumble yesterday from unfavored comments from biggest minerals world dealer on fears Chinese demand will "flatten", still lower -1% since yesterday's open, weighing on the cross which is just few pips away from yearly highs. Commodities like oil are currently on the rise on increasing Iran tensions, as well as a broad USD selling off and US futures rally.

For the nearest term, immediate resistance to the upside show at yearly highs Jan 02 at 1.2699, followed by 1.2758 as Dec 28 lows and 0.38 retrace of daily down leg 1.3800/1.2130. For the downside, closest support comes at 1.2617 as Feb 26 highs, followed by 1.2546 as March 12 highs.

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