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USD/NOK Needs to Hold Above 5.50 for Basing Prospects to Remain Intact

USD/NOK Needs to Hold Above 5.50 for Basing Prospects to Remain Intact

2011-03-22 06:16:00
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. 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 exposes 8.00-8.10 further up. Only a weekly close back below 7.70 ultimately negates recovery, while intraday setbacks should be well supported ahead of 7.80.

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, trigger major double bottom and accelerate gains. A close below 5.50 negates.

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

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