We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
  • Poll - Does your personality match your #tradingstyle? Vote and find out from @WVenketas here: https://t.co/vREsUIWSJd https://t.co/Ft0ExAmMpq
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/WzRYeqRhUL
  • Despite what your #tradingstyle is, you should be keeping a trading journal. How can you start keeping a trading journal? Find out: https://t.co/0akgWbyJEw https://t.co/4ehMlN4zv1
  • The Euro’s struggle to move higher against a range of currencies continues and without further support this is likely to continue into the year-end. Get your $EURUSD market update from @nickcawley1 here: https://t.co/myZ7R0eGUb https://t.co/12WJd53Cx4
USD/SEK, USD/NOK Outlook Aiming to Break Above Key Resistance

USD/SEK, USD/NOK Outlook Aiming to Break Above Key Resistance

2019-04-09 00:30:00
Dimitri Zabelin, Junior Currency Analyst
Share:

NORDIC FX, NOK, SEK WEEKLY OUTLOOK

  • USD/NOK, USD/NOK aiming to break above upper ranges
  • Fundamental triggers this week may propel pairs higher
  • Breaks above key resistance may reinforce bullish sentiment

See our free guide to learn how to use economic news in your trading strategy!

As outlined in last week’s technical outlook, USDNOK and USDSEK’s long term outlook suggests an upward bias for the pair’s movement. In the short term, however, both pairs may seem some minor congestion and possible consolidation before they resume their upward trajectory. Fundamental factors this week may be a key catalyst for breaking above the upper lip of each pair’s respective range.

USDSEK TECHNICAL ANALYSIS

Since last week, the Swedish Krona has been outperforming relative to the US Dollar, though this appears to be more of a result of the latter’s overall weakness than a broader strengthening of SEK. The pair is expected to trade between the 9.2273-9.3110 (red and yellow line) range with some possible friction in soft-inter range resistance levels.

USDSEK – Daily Chart

Chart Showing USD/SEK

Breaking above the upper lip would send a bullish signal to investors and could result in the pair trading higher if the breakthrough is met with follow-through. Following the March 7 ECB meeting, the pair jumped over one percent and reached a 17-year high before retreating. Despite the turn lower, it left a checkpoint and set the stage for what other potential re-entries will have to overcome to confirm uptrend resumption.

If you’re interested in trading the Swedish Krona and Norwegian Krone you may follow me on Twitter @ZabelinDimitri.

USDNOK TECHNICAL ANALYSIS

Since last week, USDNOK has fallen over one percent as crude oil prices climbed and overall US Dollar weakness was seen across the board. The pair is now stuck in what appears to be range between 8.6323-8.5956 (red lines) with possible inter-range resistance at 8.5956 (yellow dotted line). Despite the retreat, fundamental themes and triggers appear to be still in play and are set to continue pushing the pair higher.

USDNOK – Daily Chart

Chart Showing USD/NOK

If USDNOK breaks and holds above the upper lip (8.6323), it could signal a reinforcement of bullish sentiment toward the pair and mark a significant price move. Since December, the pair has broken above this key psychological barrier but ultimately always retreated – albeit, with some hesitancy. The overall trend for the pair’s movement and several efforts to breach reinforce the pair’s stubborn persistence to climb higher.

SWEDISH KRONA, NORWEGIAN KRONE TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.