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Scandi Setbacks Stall for Now But Looking to Fade Rallies

Scandi Setbacks Stall for Now But Looking to Fade Rallies

2011-09-21 05:52:00
Joel Kruger, Technical Strategist
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Eur/SekThe market remains very well supported and we look for a continuation 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. Last Monday’s impressive recovery reaffirms outlook.

Usd/SekThe market looks to be in the process of a major structural shift, with the latest multi-day consolidation broken to confirm the formation of a higher low ahead of the next major upside extension towards 7.00. For now, the 6.40 area is expected 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 a close 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 broken to confirm the formation of a higher low ahead of the next major upside extension towards 5.80. For now, the 5.45 area is expected 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 a close back above 5.65 accelerates.

Eur/NokWe believe are finally starting to see the formation of a potential base in the cross following the latest sharp bounce out from some very solid support in the 7.50 area. 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. Only back below 7.50 negates.

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

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