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Looking to Buy USD/NOK in Anticipation of Short-Term Bottom

Looking to Buy USD/NOK in Anticipation of Short-Term Bottom

2011-03-10 07:22:00
Joel Kruger, Technical Strategist
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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 The market finally seems to have found some decent support by the recently established fresh multi-month lows at 5.29, and could be in the process of carving out a short-term bottom at a minimum. Look for a break and daily close back above 5.60 to confirm bias and accelerate gains towards the 5.70-80 area further up. Back below 5.29 negates.

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

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