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
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
More View more
Breaking news

ECB leaves all rates unchanged in line with expectations

Real Time News
  • Stocks and Yuan spike $ES_F $CNY https://t.co/IKCjgxz7jS
  • now that's a post-FOMC tweet https://t.co/PkhA1afRMX
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.01% Wall Street: -0.09% Germany 30: -0.14% France 40: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/49tcHG2E2R
  • ECB President Christine Lagarde on #Crypto: My personal conviction on the issue of stable coins is that we better be ahead of the curve. There is clearly demand out there that we have to respond to. $BTC
  • RT @ecb: Lagarde: What gives us hope is the fact that the downside risks to the growth outlook are less pronounced
  • ECB's Lagarde: -Euro area not seeing 'Japanification' -We need to look at all measures of inflation expectations -I am neither a dove nor a hawk, but 'an owl' -Trade negotiations are heading in a better direction than a few months ago
  • RT @zerohedge: LAGARDE: EURO AREA NOT SEEING JAPANIFICATION Euro Area should look again https://t.co/867WUUHiKz
  • Gold really liking Lagarde so far, testing monthly highs, recovering the remainder of the post nfp sell-off $Gold #ecb https://t.co/tMKY74HRan
  • RT @ecb: Lagarde: A cross-check of the economic analysis with the signals coming from the monetary analysis confirmed an ample degree of mo…
  • RT @ecb: Lagarde: In order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively…
Scandi Daily 03.12

Scandi Daily 03.12

2010-03-12 06:01:00
Joel Kruger, Technical Strategist

OVERVIEW – All things considered, the recent assessment on the Norwegian economy by the Norges Bank has been fairly downbeat after the central bank said that it is expecting a lower level of investment in 2010, while overall activity of local companies is still very low. In Sweden, recent inflation data has come in on the firmer side, although, any gains on the back of this news might be more than offset by the recessionary GDP number from earlier this week. All things considered, we like fading both regional currencies, with a recommendation to be looking to build long positions in Eur/Sek and Gbp/Nok. There are no scheduled releases for Friday, and we look for broader global macro themes and flows to dictate market direction.  


Eur/Sek Although the market has come back under pressure following a mild relief rally out from the 9.67 yearly lows, we still contend that price action is highly overextended and the cross is in the process of carving out a short to medium-term base at current levels, ahead of some significant upside over the coming weeks. Look for the current setbacks to once again be well supported ahead of 9.65, with the potential for the formation of a double bottom on the daily chart.


Eur/Nok While daily studies are not as overdone as in Eur/Sek, we contend that a meaningful low has also been put in by the 8 handle, with recent price action confirming bias. From here, look for some renewed strength back towards the recent range highs at 8.26 over the coming days.

Usd/Sek Our view is highly constructive at current levels and favors continued USD appreciation over the coming weeks.  We contend the market is attempting to carve out a major base rather than in the process of some bearish consolidation. Any setbacks are expected to be well supported by 7.00, with a higher low sought out ahead of the next major upside extension  towards 7.50-75 over the medium-term.

Usd/Nok Has managed to recently clear the multi-week range highs by 5.90 and we believe this now opens some fresh medium-term upside over the coming weeks. Look for a higher low to now carve out by 5.80 in favor of a bullish resumption back above 6.05 over the coming days.

Gbp/Nok Although the market had recently broken below the major base from October 2009 at 8.80, daily studies are oversold and warn of some major corrective upside ahead. We continue to recommend building long positions at current levels by 8.80 in anticipation of a major bounce over the coming sessions.  Look for a push back above 8.86 on Friday to get things going.

Nok/Jpy Has been well confined to a very choppy range trade over the past several weeks, largely defined between 15.00 and 16.50. Rallies have once again been well propped in the 15.00 area ahead of the latest minor bounce, and we continue to recommend playing the range.


Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail
instructor@dailyfx.com and you will be added to the "distribution" list.

If you wish to discus this topic or any other feel free to visit our Forum page

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


News & Analysis at your fingertips.