It looks like EURUSD is flipping back into bearish so keep an eye on action after the opening hour today if there is more selling going through we think AUDUSD & GBPUSD will lead by example (1.0640 & 1.0615 and 1.2626 are key refs in those)… NOK is strong and testing medium-term important levels against its index. Below 87.20 would open up for 86.10 and in EURNOK there is still a supply overhang (which holds last year’s low in the corner of the eye), but it’s also overstretched and this ups the reaction risk… EURSEK is doing nothing inside 8.78\8.85 while USDSEK shows signs of testing higher… NOKSEK should extend gains towards 1.1740 once resistance at 1.1665 is violated… Copper looks heavy and ought to test supports at $8280/8183 (should help convincing a few AUD longs to trim positions)… USDCZK is another candidate likely to show USD strength while EURPLN keeps struggling with support… US & German yields are thought to come lower while S&P500 has problems to overcome resistance… Brent Crude looks like it’s forming a top which renders downside focus for the day(s) ahead…
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SEB tech team