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USD/SEK and USD/NOK Break Back Below 200-Day SMAs

USD/SEK and USD/NOK Break Back Below 200-Day SMAs

2012-02-27 06:24:00
Joel Kruger, Technical Strategist
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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 has broken back below the 200-Day SMA to suggest that more weakness could be in the cards. However, we still see this pair carving a more meaningful longer-term base and would be looking for the formation of a fresh medium-term higher low above 6.30 ahead of the next upside extension back through 7.00 over the coming weeks.

Usd/Nok The market has broken back below the 200-Day SMA to suggest that more weakness could be in the cards. However, we still see this pair carving a more meaningful longer-term base and would be looking for the formation of a fresh medium-term higher low above 5.40 ahead of the next upside extension back through 6.00 over the coming weeks.

Eur/NokSetbacks have stalled by critical support at 7.50 and the market could finally be poised for some bullish price action with daily studies now stretched. Look for a break back above 7.57 to confirm outlook and accelerate gains. Ultimately, only a weekly close below 7.45 would negate.

--- 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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