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USD/SEK and USD/NOK Attempting to Establish Major Bases

USD/SEK and USD/NOK Attempting to Establish Major Bases

2011-02-11 06:51:00
Joel Kruger, Technical Strategist
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Eur/SekA major bullish reversal day on Wednesday off of the yearly lows by 8.75 could now finally open the door for some short-term basing at a minimum, with scope from here for additional corrective gains towards 9.00 over the coming sessions. Back above 9.00 will officially signal a shift in the structure and open an acceleration of buying. Back below 8.75 negates.

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 now by 7.80 to be confirmed on a sustained break back above 7.95 and through psychological barriers by 8.00. Another failure ahead of 8.00 and break back below 7.80 would negate and expose the 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 last Wednesday at 6.36. However, with daily studies looking stretched, there is the risk for some corrective upside ahead. A bullish reversal week would definitely help the USD’s cause here and we would need to see a break above 6.55 to encourage these reversal prospects.

Usd/Nok Has been very well supported on dips to the 5.70 area with the market reversing sharply from the level and breaking back above 5.84 to end a sequence of weekly lower tops and open the door for a more substantial rally over the coming weeks. Look for continued upside towards 6.00 over the coming days, with a greater move beyond towards 6.20 not to be ruled out. Only back below 5.70 negates.

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

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