Hefty u-turns noted Friday with several key day reversals appearing in the charts, suggesting dollar strength to be a theme for the upcoming week.
EURUSD topside failure makes us enter the current week on a negative footing (underpinned by rising Spanish CDS’s, S&P outperforming €stoxx & more), CABLE same thing but also underpinned by a peaking Bank of England sterling index, AUDJPY has created a nice setup for lower levels and a sell recommendation has been issued, EURSEK & EURNOK should both continue sliding leaving NOKSEK sidelined but with a small bullish undertone, EURCZK seen continuing higher, EURPLN ending a three wave setback, BONDS looks ripe for a pause, S&P500 bearish forces at play, OIL looks like a completed upside correction, GOLD the opposite, a completed downside correction…….
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SEB tech team