We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Looking to Buy USD/NOK into A Pullback; Higher Low Sought

Looking to Buy USD/NOK into A Pullback; Higher Low Sought

2011-10-12 05:17:00
Joel Kruger, Technical Strategist
Share:

Eur/SekThe market remains very well supported and we look for a continuation of gains and fresh upside extension back towards key multi-week resistance by 9.35 over the coming days. A sustained break above 9.35 should accelerate gains and mark a material bullish shift in the overall structure. Ultimately, only a weekly close 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 broken to confirm the formation of a higher low and next major upside extension beyond 7.00. For now, the 6.50 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 6.40 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 broken to confirm the formation of a higher low and next major upside extension towards 6.00. For now, the 5.60 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 5.45 gives reason for concern.

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 7.70 concerns.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.