News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/lp0tmKS9WR
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/3bOSIBeID9
  • Rising yields and US Dollar creates a weak environment for gold, which trades at a 9-month low. Get your market update from @JMcQueenFX here: https://t.co/lh6Qb2qxin https://t.co/MRAYe57e1A
  • RT @FxWestwater: US Dollar Fundamental Forecast: US Dollar Eyes Inflation Data After NFP Boost Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2021/03/06/US-Dollar-Fundamental-Forecast-US-Dollar-Eyes-Inflation-Data-after-NFP-Boost.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $DXY https://…
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/NvEAeWkBP1
EUR/NOK, GBP/SEK, GBP/NOK, USD/SEK Technical Analysis

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

Dimitri Zabelin, Analyst

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

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

DISCLOSURES