USD/SEK Breaks to Fresh Yearly Low; Exposes Deeper Drop
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. Current intraday setbacks should now be well supported ahead of 8.80. A close above 9.00 could now open more upside towards 9.40 over the medium term. .
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 towards 8.00 confirms. 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 6.25. 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 6.25 would be discouraging for reversal prospects and expose 6.00 further down.
Usd/Nok The market finally seems to have found some decent support by the recently established fresh multi-month lows at 5.50, and could be in the process of carving out a short-term bottom at a minimum. Look for the 5.50 area to once again offer itself as formidable support with a break and close back above 5.73 to confirm basing outlook and accelerate gains.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel’s reports in a more timely fashion, email firstname.lastname@example.org 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.