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Scandis Consolidate Ahead of Next Downside Extension

Scandis Consolidate Ahead of Next Downside Extension

2011-05-13 05:53:00
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 8.80 ahead of the next upside extension towards the 9.30 area further up. Weekly studies are looking even more constructive potentially with the formation of a major base and the clear break back above the 9.00 handle has triggered the formation of an inverse head & shoulders base. Ultimately, only back below 8.80 would give reason for concern.

Usd/SekWhile the overall intense downtrend still remains intact, the recovery of the past few days also suggests that a material base could now be in place by the 6.00 handle. From here, next resistance by 6.34 becomes critical; with a daily close above to officially force a shift in the structure. However, inability to extend gains and establish beyond 6.34 on a daily close basis would keep the underlying downtrend intact and warn of a return towards and eventually below 6.00.

Usd/Nok While the overall intense downtrend still remains intact, the recovery of the past few days also suggests that a material base could now be in place by 5.20. From here, next resistance by 5.64 becomes critical, with a break above to officially force a shift in the structure. However, inability to extend gains and establish beyond 5.64 would keep the underlying downtrend intact and warn of a return towards and eventually below 5.20.

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 above 7.75 on a close basis.

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

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