Scandis Still Consolidating, But Fresh Weakness Against USD and Euro Ahead
Eur/Sek Setbacks have once again been very well supported ahead of the 8.75 level and the market looks to once again be attempting to carve a bottom in favor of renewed strength back towards the 8.90 area over the coming sessions. Ultimately, only back below 8.75 negates and gives reason for concern.
Usd/Sek Remains very well supported on any form of a dip, and risks from here are for continued strength back towards the recent multi-day range highs by 6.88. A break above will accelerate further, while only back below 6.57 delays.
Usd/Nok Although the market has been confined to a multi-day consolidation, dips have been very well supported and we continue to see evidence of an eventual break of this range to the upside. Look for a push back above 5.84 to confirm bias and accelerate gains. Only back under 5.65 would delay and give reason for concern.
Eur/NokLooks to be finally attempting to establish some form of a base after being very well offered over the past several weeks. The latest break back above 7.49 triggered a double bottom which has already reached its 7.60 area objective. From here, look for additional gains towards 7.75 over the coming weeks. Ultimately, only back under 7.45 delays.
--- Written by Joel Kruger, Technical Currency Strategist
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