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USD/NOK Puts in Bullish Reversal Day on Friday to Warn of Short-Term Base

USD/NOK Puts in Bullish Reversal Day on Friday to Warn of Short-Term Base

2011-02-28 06:55:00
Joel Kruger, Technical Strategist
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Eur/SekThe market could finally be in the process of carving a material base with setbacks being very well supported by 8.70 and resulting in the latest bullish reversal back towards key resistance at 8.85. Look for a break and close back above 8.85 to officially confirm short-term bullish reversal and open the door for a more significant recovery towards 9.00 further up. Any setbacks should now be well supported ahead of 8.75.

Eur/NokWe are finally starting to see the formation of a potential base in the cross after the market has once again stalling out by the 7.70 handle. Look for confirmation on a break and close back above 7.80, with the move likely to force an acceleration of gains towards more critical resistance at 7.97 further up. Back below 7.70 negates and opens the door for deeper setbacks.

Usd/SekRemains under some intense pressure with the market trading just off of the yearly and multi-week lows from several days back 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. We often find that the Scandi currencies lead the FX market and failure for USD/SEK to break lower in the previous week despite a push higher in the Euro could be warning of a false upside break in the Euro which suggests that we could see broad USD strength ahead.

Usd/Nok remains under intense pressure with the market now looking to establish below critical medium-term support at 5.70. A sustained move below 5.70 would then expose a more significant decline back towards 5.50, while a break back above 5.75 would now be required to alleviate downside pressures. However, a bullish reversal day on Friday does offer some optimism for bulls and we look for a break and close back above 5.67 to officially relieve downside pressures.

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

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