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
Bearish
GBP/USD
Mixed
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
USD/JPY
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The $JPY has faded into 2020 as market risk appetite has held up and hit demand for haven assets. USD/JPY now challenges a key medium-term downtrend, but hasn’t topped it yet. Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/bLWABxibOo
  • My pleasure! https://t.co/R7ArKNjCNO
  • The range in USD/CAD broke with aggression this week as CAD sellers pushed the currency after the Bank of Canada rate decision. Get your $USDCAD technical analysis from @JStanleyFX here: https://t.co/8oHoLLqvtR https://t.co/8ZXx6GbKAn
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here: https://t.co/CPmNJSgHXY https://t.co/RdM0cbyfSf
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here:https://t.co/Bup64Arva9 https://t.co/CpraRXneTJ
  • The British Pound may fall as #Brexit commences, but will the Bank of England cut rates? The US Dollar could rise if the Fed spooks markets with plans to unwind repo operations $GBPUSD #BoE #GBP #Sterling - https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/01/26/British-Pound-May-Yet-Fall-on-Brexit-BoE-and-Fed-Are-Risks.html?CHID=9&QPID=917702 https://t.co/v39NsmOCwa
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/5VQdkbIqTo
  • Last week was more of the same, a narrowing range following the UK general election fireworks; GBP/USD has a couple of clear signposts to keep an eye on. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/3pJfj0w2AX https://t.co/Cm6zhnBSGR
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here: https://t.co/Bup64Arva9 https://t.co/OLpavqPOVA
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
Scandi Daily 05.20

Scandi Daily 05.20

2010-05-20 05:12:00
Joel Kruger, Technical Strategist
Share:
OVERVIEW – We have finally seen the corrective action that we had been looking for in the Euro/Scandi crosses, with the Euro surging on Wednesday to signal some form of basing against the regional currencies. While it did take an apparent round of coordinated central bank intervention to achieve the goal of propping the beleaguered Euro, the markets have nevertheless started to base out and technical studies warn of additional Euro upside and relative Nordic weakness. Fundamentally, the latest round of economic uncertainty and global panic can not be ignored even by the stronger global economies, and we believe we are now seeing these currencies play some catch-up. Look for this pattern to continue over the coming days. 
  
scandical5.20
 
Eur/Sek An interim base and 2010 low looks to be in place just ahead of 9.50, with the market in the process of unwinding from oversold levels. Longer-term technicals show room for plenty of additional corrective gains, but a break back above 9.89 will ultimately be required to officially force a shift in the structure.  
 
Eur/Nok A doji close on Mondday, after setting fresh 2010 lows by 7.68, followed by a bullish reversal day on Tuesday, helped to confirm short-term basing and open an explosive upside rally in Wednesday trade. The market is now inching closer to a retest of the 8.00 handle, and could be looking to break a multi-week bear channel. However, we would need to see a break and close back above 8.05 to confirm the shift and force additional gains.  
 
Usd/Sek The market continues to extend gains to fresh 2010 highs, with a test of next key barriers by 8.00 seen over the coming sessions. For now, there is some risk for a pullback to allow for short-term studies to unwind, but any setbacks are expected to be well supported ahead of 7.40, in favor of the next upside extension beyond 8.00 and towards 8.20 further up. 
 
Usd/Nok The market continues to extend gains to fresh 2010 highs, with a test of next key barriers by 6.50 seen over the coming sessions. For now, there is some risk for a pullback to allow for short-term studies to unwind, but any setbacks are expected to be well supported ahead of 6.20, in  avor of the next upside extension beyond 6.50 and towards 7.00 further up.
 
Gbp/Nok As we had written in previous commentary, the market was very well supported by the 9.00 handle, with a multi-day consolidation holding just above the figure and finally breaking to the upside back towards next key topside resistance by 9.30. Look for a break above 9.30 over the coming sessions to open 9.50 further up. 
 
Nok/Jpy Has been well confined to a very choppy range trade over the past several months, largely defined between 14.00 and 16.50. Setbacks have once again been well propped by 14.00, and we recommend to continue to play the range high-lows. 
 
 
 

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.

DISCLOSURES

News & Analysis at your fingertips.