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More Consolidation But Short-Term Outlook Still Scandi Bearish

More Consolidation But Short-Term Outlook Still Scandi Bearish

2011-05-17 06:40:00
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/SekThe ability for the market to establish back above 6.35 suggests that some form of a material base could finally be in place and we could be on the verge of a trend shift. From here, look for a break back above 6.52 for additional confirmation, with setbacks now expected to be well supported ahead of 6.20.

Usd/Nok The ability for the market to establish back above 5.52 suggests that some form of a material base could finally be in place and we could be on the verge of a trend shift. From here, look for a break back above 5.72 for additional confirmation, with setbacks now expected to be well supported ahead of 5.40.

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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