The euro is still under heavy pressure and EURUSD & EURJPY (& AUDJPY) has been allowed to slip below supports (1.3484, 104.74 & ~78.00) which now could act as resistance levels. Expect continuation with European bond spreads still on a steep widening track against Germany… USDCAD seems to complete a bullish inverse Head & shoulders formation with an ideal target near the Oct high in the mid-1.06s… EUR/Scandies look rangy to bid, but the USD crosses look bid enough to test 6.85\90 and 5.85\91 respectively… There is a renewed upside risk for USD/KRW while EURPLN should test/break(?) the high end of a presumed bullish triangle… US & German bonds still looks bid, but it’s unclear if the S&P500 index is forming a top or a continuation formation (higher)… Brent crude shows more downside potential – keep an eye on the 110.53 ref…
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Tech team
Skandinaviska Enskilda Banken AB