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
Bullish
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
GBP/USD
Bullish
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
Mixed
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @DShahTR: https://t.co/HQKpJtMw5v
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.72%, while traders in France 40 are at opposite extremes with 83.41%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ueoSLUWKzP
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/mCZcz5lLpu
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.32% Gold: -0.14% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZiRe0m5CYF
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/uTgotBaijt Topics discussed included: - #RBA & #FOMC policy meeting minutes - AUD technical analysis - US-China #tradewar - UK election & #Brexit outlook
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.03% 🇳🇿NZD: 0.01% 🇬🇧GBP: -0.01% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.05% 🇦🇺AUD: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2LYpsLQGJv
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: France 40: 0.33% Germany 30: 0.30% Wall Street: 0.13% US 500: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7DedGNWcIG
  • Join our analysts for live, interactive coverage of all major market-moving economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/qjEHpxk8LC
  • CHF Switzerland Oct Exports MM: Actual: -1.3% Previous 2.7% Imports Actual: -2.4% Previous: -1.3%
USD/NOK Starting to Carve Out Short-Term Base; Could Accelerate Higher

USD/NOK Starting to Carve Out Short-Term Base; Could Accelerate Higher

2011-03-09 06:42:00
Joel Kruger, Technical Strategist
Share:

Eur/SekThe latest break and close back above 8.85 is a significant short-term development as it likely signals a base for now and triggers a double bottom formation that projects fresh upside towards the 9.00 handle over the coming sessions. This market has been very well offered of late and any upside moves towards 9.00 should be welcome as a healthy corrective bounce.

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. Only a weekly close back below 7.70 negates and opens the door for deeper setbacks.

Usd/SekRemains under some intense pressure with the market trading at fresh yearly and multi-week lows by 6.30. 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 ultimately encourage these reversal prospects. A weekly close below 6.30 would be discouraging for reversal prospects and expose 6.20 further down.

Usd/Nok Remains under intense pressure with the market now looking to establish below critical medium-term support at 5.55. A sustained move below 5.55 would exposes a more significant decline back towards 5.50, while a break back above 5.62 would now be required to alleviate downside pressures. However, daily studies are now oversold and given the intensity of the latest drop, we feel there is a good risk for a bullish reversal from here.

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

IF you wish to receive Joel’s reports in a more timely fashion, email jskruger@dailyfx.com and you will be added to the distribution list.

If you wish to discuss this or any other topic 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.