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Looking to Weekly Closing Levels for Additional Insights Into Direction

Looking to Weekly Closing Levels for Additional Insights Into Direction

2011-03-18 06:36:00
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. This market has been very well offered of late and any upside moves beyond 9.00 should be welcome as a healthy corrective bounce. Intraday setbacks should now be well supported ahead of 8.80. A close above 9.00 could now open more upside towards 9.20 over the coming sessions.

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. The latest break back above 7.80 confirms and also triggers the formation of an inverse head and shoulders base that now projects further strength towards 8.00 over the coming sessions. Only a weekly close back below 7.70 ultimately negates recovery, while intraday setbacks should be well supported ahead of 7.80. Above 8.00 accelerates further towards 8.20.

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. The latest break and daily close back above 5.60 confirms bias and should now accelerate gains towards the 5.80 area further up. Only back below 5.29 negates.

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

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