After more or less a day of congestion/consolidation the market is back on track for a higher dollar. Notable are also the renewed weakness of the commodity currencies, underpinned by a drop in Chinese equities the past days.
EUR/USD will soon break down into the 1.33’s (en route 1.3145), EURJPY same story, AUDUSD now with a bearish 3m outlook after two consecutive closes below its 55d ma, EURSEK 9.14/20 congestion ahead of higher levels next week, EURNOK eyeing its neckline at 7.8700, NOKSEK down from resistance, eyeing its neckline at 1.1640, USDMXN breaking through its neckline, EURHUF expected to be a one day setback so today likely higher again, Bunds and notes are in upward continuation patterns so soon breaking to new highs, S&P500 took the bearish way, Oil accelerating lower and Gold back into its 55d ma band.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/11/TA1811.pdf
Tech team
Skandinaviska Enskilda Banken AB