The euro remains heavy and further losses must be accounted for while waiting for clarification over the Cyprus deal… EURUSD 1.2661 is the next key ref below which starts coming into the line of sight… EURCHF is back testing support at 1.2167. Lower levels possible… USDCAD seems done correction lower. Above 1.0295 would target 1.0343… EURSEK trades in a tight 8.32-8.36 range with a small tilt to the downside… USDSEK retains pressure on resistance just above at 6.4865 – above would turn focus to 6.5530 & 6.5930… EURNOK respects support below at 7.4975-7.4810 and a tentative +7.5675 objective is still justified… NOKSEK looks staged to test below the important 1.1050 ref. Trailing protective buy-stops likely above 1.1150… The BoE GBP index could add some more to the ongoing correction. Next key ref above is located some way off at 81.50… Spot Gold seems set to scout interesting resistance above at $1620-1626… USDZAR is staged to perform another rally into a fresh yearly high above 9.2925… EURPLN has broken above a short-term “B-wave high” and looks set to take out refs at 4.1955 & 4.2140\80. Longs are recommended with a tentative target at 4.28 and an initial stop under 4.13… The wave-5 extension gets further extended in the Jun Bund, possibly towards the 146-area… The US Jun tens also look bid for extension to and above the Mar132-00 peak… The Jun S&P500 trades modestly lower, but buy-on-dips remains a favored play, at least while holding over 1529… The May Brent Crude contract fell hard back through the range and out of it. Below $106.86 would argue for extension to and below $105…
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