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Still Waiting for USD/NOK Bounce; We Like Being Long Here

Still Waiting for USD/NOK Bounce; We Like Being Long Here

2011-10-21 05:28:00
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 5.50 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 5.40 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

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