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USD/SEK Puts in Bullish Outside Day Formation; Signals Potential Base

USD/SEK Puts in Bullish Outside Day Formation; Signals Potential Base

2011-02-03 08:09:00
Joel Kruger, Technical Strategist
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Eur/SekThe market consolidates just off of the yearly and multi-week lows by 8.78 and while the overall structure looks to be quite bearish, daily studies are oversold and warn of a potential bounce. Back above 9.02 will be required to relieve downside pressures. A break above 9.02 could also trigger a double bottom formation.

Eur/NokWe are finally starting to see the formation of a potential base in the cross after the market had dropped to fresh multi-year lows by 7.70. At this point, the latest rally has stalled out ahead of 8.00, and for the recovery to continue, we would need to see a higher low above 7.80 ahead of the next major upside extension beyond 7.95 and through psychological barriers by 8.00. Back below 7.80 negate and exposes critical lows by 7.60 further down.

Usd/SekRemains under some intense pressure with the market trading just off of the yearly and multi-week lows from Wednesday at 6.36. However, with daily studies looking stretched, there is the risk for some corrective upside ahead. A bullish outside day helps to confirm and we look for a break and close back above 6.45 on Thursday to accelerate.

Usd/Nok The market continues to consolidate by the multi-month lows in the 5.70 area with no signs of any bounce just yet. At this point, daily studies are in neutral territory so there is risk for more choppy trade before what we project to be legitimate and meaningful recovery attempt towards 6.30 and beyond. A weekly close back under 5.70 negates.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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