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US Dollar/Scandi Markets on The Verge of Fresh Upside Break

US Dollar/Scandi Markets on The Verge of Fresh Upside Break

2011-09-12 06:56:00
Joel Kruger, Technical Strategist
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Eur/SekAlthough the latest pullback is concerning, any additional declines should be well supported ahead of 8.85 and we look for yet another bounce by the figure in favor of a resumption of gains and fresh upside extension back towards 9.35 over the coming weeks. Ultimately, only a weekly close below 8.85 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, while back above 6.70 accelerates.

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, while back above 5.63 accelerates.

Eur/NokAny hopes for the formation of a material base have now been quashed after the market collapsed through the recent yearly lows to break to fresh multi-year lows towards psychological barriers at 7.50. While daily studies are now looking stretched, we can not rule out the possibility at this point for extended declines towards the 2003 lows in the 7.20 area over the coming weeks. Any bullish prospects have now been officially sidelined.

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

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