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EUR/NOK, GBP/SEK, GBP/NOK, USD/SEK Technical Analysis

EUR/NOK, GBP/SEK, GBP/NOK, USD/SEK Technical Analysis

2019-11-12 05:00:00
Dimitri Zabelin, Junior Currency Analyst
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Swedish Krona, Norwegian Krone, British Pound, Euro, US Dollar – TALKING POINTS

  • EUR/NOK is at critical juncture – break below may catalyze selloff
  • GBP/SEK trajectory points to key cross section: capitulation ahead?
  • USD/SEK recovery is showing signs of weakness as traders flounder

Learn how to use political-risk analysis in your trading strategy!

EUR/NOK Technical Analysis

As noted in the previous EUR/NOK piece, the pair’s retreat appears to be encountering some friction at a critical juncture between the July uptrend and support at 10.0602. This came shortly after the pair retreated from an all-time high at 10.3133. Looking ahead, traders may wait to add exposure until a clear directional preference is given.

If EUR/NOK rebounds from the uptrend, this may spark an upside recovery if traders feel confident that the pair has adequate enough momentum to be able to retest resistance at 10.2504. Conversely, a downside breakout may catalyze a selloff and could see EUR/NOK test the 9.9009-9.9278 support zone. Is the long-term trajectory bullish or bearish? Click here to find out.

EUR/NOK – Daily Chart

Chart showing EUR/NOK.

EUR/NOK chart created using TradingView

See the weekly fundamental forecast for the Swedish Krona and Norwegian Krone!

GBP/SEK Outlook

GBP/SEK is on the edge of the August uptrend and is inching closer to retesting a three-year ceiling at 12.6131. Given the chart set up, if the pair is unable to breach resistance, this would inevitably lead to a downside breakout and could invalidate the rising support channel. Were this to occur, traders may unwind their long positions which could see the pair challenging a familiar support level at 12.2349.

GBP/SEK – Daily Chart

Chart showing GBP/SEK.

GBP/SEK chart created using TradingView

GBP/NOK Forecast

GBP/NOK may hover between the July uptrend and resistance at 11.8920, though fundamental risks in the week ahead may catalyze an upside push in NOK and subsequently cause the pair to tilt lower. Looking ahead, traders may be hesitant to commit capital until there is more clarity on the direction for the pair. Having said that, Brexit volatility may obscure the pair’s trajectory and could cause volatile swings in GBP crosses.

GBP/NOK – Daily Chart

Chart showing GBP/NOK.

GBP/NOK chart created using TradingView

USD/SEK Price Chart

USD/SEK has recently existed from the Zone 1 (see chart below) support range and is now trading within the boundaries of 9.6878-9.7228. However, the short-bodied nature of the candles combined with the long upward-reaching wicks signals a desire to go higher but resolve to do so is lacking. This may discourage traders and lead to the pair retreating into Zone 1 again.

USD/SEK – Daily Chart

Chart showing USD/SEK.

USD/SEK chart created using TradingView

NORDIC FX TRADING RESOURCES

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

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

https://www.dailyfx.com/forex/technical/article/special_report/2019/11/08/Euro-Price-Forecast-Will-EURNOK-Break-7-Year-Uptrend.html

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