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USD/NOK Has Sights Set on Test of 6.25 Over Coming Weeks

USD/NOK Has Sights Set on Test of 6.25 Over Coming Weeks

2012-01-09 08:39:00
Joel Kruger, Technical Strategist
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Eur/SekOur constructive outlook remains in jeopardy after the market broke down below 8.85 in recent trade. This potentially now exposes a retest of the 2011 multi-year lows by 8.70. However, daily studies are now officially oversold, so we will see if we can’t get a bounce over the coming sessions. Back above 8.91 now required to officially alleviate downside pressures.

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. Recent setbacks have been well supported by previous resistance at 6.30 to further confirm constructive outlook and expose a retest of the critical November 2010 highs by 7.07 further up.

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 beyond 6.00. Recent setbacks have been well supported by previous resistance at 5.40 to further confirm constructive outlook and expose a sustained break of the 6.00 handle. Next key resistance at 6.25 now in focus.

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 7.60 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

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