Well, the relief rally certainly continued higher, higher than what we had in mind. The only market responding in a different way was the Italian bond market…watch out if breaking above 5.99%.
EURUSD likely to pause after such a surge but 1.4335/4420 likely to be seen thereafter. AUDUSD at its key barrier for new highs, EURSEK broke 9.0535 = more attempts to re-establish itself below 9.00, EURNOK forming at least a short term base so we clearly see potential for NOKSEK lower (a possible head and shoulders top in the making), US note broke lower in price but a potential bull divergence is of some concern, Bunds still hovering above its key supp, ?stoxx50 impressive surge but now also carrying a potential bear divergence…profit taking time?, Oil small bid and so is the yellow metal.
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Tech team
Skandinaviska Enskilda Banken AB