News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/NOK Could Be Set for Fresh Declines to 200-Day SMA by 5.65

USD/NOK Could Be Set for Fresh Declines to 200-Day SMA by 5.65

Joel Kruger, Technical Strategist

Eur/SekRemains weighed down for now but we continue to like the prospects for a bullish resumption over the coming days. Look for setbacks to be well supported above 8.75, while back above 8.93 will confirm outlook and accelerate gains.

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, while any interday declines should find renewed bids ahead of the 200-Day SMA.

Usd/Nok Has come under pressure in recent trade but could finally be looking to base out after stalling well ahead of the 200-Day SMA. Look for a bullish reversal over the coming sessions, with a break and close back above 5.75 to help confirm outlook and accelerate gains. Back under 5.65 delays.

Eur/NokThe market remains under pressure and is now contemplating a full retracement back towards the key lows from September 2011 by 7.50. However, risks for additional declines below 7.50 seem limited and with daily studies starting to show oversold, we like the idea of fading the weakness in anticipation of a more significant bullish reversal.

--- 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