Since the market is still in the process of trying to carve out a series of higher lows and leave the correction in the dust, it merits respecting the global risk currencies again. The Euro is having a particularly weak session today, as you can see it rolling back over versus the safe haven Japanese Yen. The issue for bulls is making that golden higher lower from here. Note the 50 day moving average acting as resistance above, still declining. Until those factoids change, bulls will want to think twice about aggressively embracing risk.
The second chart below is of the Aussie/Yen cross. The prior bearish wising wedge failed to break down, but may have morphed into a larger wedge. Unlike the Euro/Yen, though, the 50 day moving average is below and smoothing out, perhaps offering a more bullish outlook than the Euro.