The EZ turned sourer yesterday with not only the €stoxx bank index breaking lower but also €stoxx50 came crashing down through its 55d ma band. Bund yields broke lower and are next heading for 1.19% just a whisker away from the 1.12% record low. However € reactions has basically been absent. Brent broke an important support hence erasing our bullish stance.
EURUSD a minor correction is now likely in place so downside should start drawing attention, AUDUSD didn’t deliver the anticipated decline yesterday but the bearish setup remains, USD index forming a short term base, EURSEK still trades bid around 9.29, USDSEK still in the bullish congestion range, EURNOK a bullish response to the minimum target, above 8.4300 we’re back on track for 8.5440+, NOKSEK at least showed some signs of correcting lower, EURHUF just shy of an expected upside turning point, BUNDS heading next for 147.87 channel ceiling, €STOXX50 beware breaking 3173, BRENT bullish view abandoned and GOLD showing signs of wanting to soon break higher.
Read the full report: Technical Alert