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USD/NOK Looking to Carve Out Fresh Higher Low

USD/NOK Looking to Carve Out Fresh Higher Low

2011-02-16 08:05:00
Joel Kruger, Technical Strategist
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Eur/SekAny and all attempts to rally continue to be met with formidable resistance as the market remains locked in a very intense downtrend. Setbacks have extended to the 8.72’s thus far and next key support comes in by psychological barriers at 8.70. A break back above 8.85 will now be required to officially relieve short-term downside pressures.

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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