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USD/NOK Double Bottom Prospects Fading; Thursday's Close is Key

USD/NOK Double Bottom Prospects Fading; Thursday's Close is Key

2011-03-31 06:18:00
Joel Kruger, Technical Strategist
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Eur/SekThe market recovery out from 8.70 continues and we look for a fresh higher low to now be in place at 8.85 ahead of the next upside extension beyond 9.03 and towards the 9.10-15 area further up. Weekly studies are looking even more constructive potentially with the formation of a major base.

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. Ultimately however, the market will need to break back above 6.52 to officially alleviate downside pressures.

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 will reaffirm 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. A close back below 5.50 negates.

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

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