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USD/NOK Reaches Critical Medium-Term Support; Look for Bullish Reversal

USD/NOK Reaches Critical Medium-Term Support; Look for Bullish Reversal

2011-03-31 06:57:00
Joel Kruger, Technical Strategist
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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.

Scandi_Daily_body_Picture_5.png, USD/NOK Reaches Critical Medium-Term Support; Look for Bullish Reversal

Usd/Nok The market remains under pressure and has once again dropped to fresh multi-week and yearly lows towards 5.50. However, despite the latest pullback, we actually favor buying by 5.50, with the market seen very well supported by the psychological barrier which had already provided a successful defense back in 2009. Daily studies are looking stretched, and this helps to add to bullish reversal prospects.

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.

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.

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

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