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Eur/Nok Seen Accelerating Back Above 7.72; Look to Buy

Eur/Nok Seen Accelerating Back Above 7.72; Look to Buy

2012-01-18 05:53:00
Joel Kruger, Technical Strategist
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Eur/SekSetbacks have finally stalled out and he market is once again looking to break higher following the recent surge back above 8.85. From hee look for an acceleration of gains towards 9.25 over the coming weeks. Ultimately, only a break and close back under 8.70 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. 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. Above 7.07 open next upside extension towards 7.50 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

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