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USD/NOK Bullish Outside Day Offers Compelling Risk/Reward Trade

USD/NOK Bullish Outside Day Offers Compelling Risk/Reward Trade

2011-03-23 06:02:00
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. 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 8.10 further up. Only a weekly close back below 7.70 ultimately negates recovery, while intraday setbacks should be well supported ahead of 7.80. Above 7.98 should accelerate.

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 key bullish reversal day on Tuesday could very well act as the catalyst for such a base, but ultimately, the market will need to break back above 6.52 to officially alleviate downside pressures. Still, a long position by 6.30 could offer a solid risk/reward long opportunity.

Usd/Nok The market finally seems to have found some decent support by the recently established fresh multi-month lows ahead of 5.50, and could be in the process of carving out a short-term bottom at a minimum. Another successful defense ahead of 5.50 on Tuesday and bullish outside day reaffirms basing bias and we now look for the formation of a major double bottom to be triggered on a break back above neckline resistance at 5.72 over the coming days. Above the neckline will then expose 5.90 further up. Back below 5.50 negates.

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

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