Commodity FXers (AUD, NZD & CAD) are standout winners together with SEK and a little surprisingly also JPY… The latter has violated a 78.61 “B-wave low” which suggests extension to/below 77.65 – despite S&P500 likely checking overhead resistance pockets at 1375 & 1378\79 and Brent crude extending gains further closer towards an initial attraction/resistance point at $110.35… CRB is on the rise and this promotes AUDUSD to close in on a short-term 1.0475 key ref and USDCAD to seriously test supposedly strong support at 1.0100/1.0053… EURSEK printed another major move yesterday which neglected intraday stretches and attracted good volumes, but the fresh yearly low just scored ought to be consolidated in a ~8.45\53 range for a couple of sessions before extending the slide and at a slower pace… EURNOK is on a correctional advance but it should ideally end before 7.5315. A sub-7.4515 move would be a bearish trigger… NOK/SEK consolidates in a ~1.13\1.14 range before steering lower again… and yes……. EURUSD… still in a repetitive buy-on-dips behavior, but lacks buyers at “high” levels => In a correctional sequence most likely ending in the 1.2334\1.2407 zone…
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SEB tech team