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Eur/Nok Buy Opportunity Setting Up on Monday; Target 7.90

Eur/Nok Buy Opportunity Setting Up on Monday; Target 7.90

2011-09-05 06:20:00
Joel Kruger, Technical Strategist
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Eur/SekThe market recovery out from 8.70 remains intact despite the latest minor pullback and we look for a fresh higher low around 9.00 ahead of the next upside extension towards the 9.50 area further up. Weekly studies are looking even more constructive potentially with the formation of a major base. Ultimately, only a sustained break back below 9.00 would give reason for concern.

Usd/SekThe market looks to be in the process of a major structural shift, with the latest multi-day consolidation to likely result in the formation of an eventual higher low ahead of the next major upside extension. For now, the 6.20 area is expected to continue to support any pullbacks and buying dips towards the psychological barrier is the preferred strategy. Ultimately, only a daily close back under 6.20 gives reason for concern.

Usd/Nok The market looks to be in the process of a major structural shift, with the latest multi-day consolidation to likely result in the formation of an eventual higher low ahead of the next major upside extension. For now, the 5.30 area is expected to continue to support any pullbacks and buying dips towards the psychological barrier is the preferred strategy. Ultimately, only a daily close back under 5.30 gives reason for concern.

Eur/NokWe believe are finally starting to see the formation of a potential base in the cross following the latest bounce out from some very solid support in the 7.65-70 area, with any setbacks seen very well supported by the region. From here, look for an acceleration of gains through the multi-week range highs by 7.95, with further acceleration expected on a break above 8.00. However, until 7.95 exceeded, we can expect more range trade.

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

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