EUR/NOK Lags Other Scandi Crosses But Should Still Push Higher
Eur/Sek Setbacks have 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. Fresh 2012 highs beyond 9.00 confirms bullish outlook and next upside target now comes in by 9.10 further up.
Usd/Sek Remains very well supported on any form of a dip, and risks from here are for continued strength beyond the previous multi-day range highs by 7.00. The break above should now accelerate further towards 7.20, 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 the latest push back above 5.85 to confirm bias and accelerate gains towards 6.00. 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 7.60 confirms outlook and we now expect to see an acceleration of gains towards 7.65 over the coming days.
--- Written by Joel Kruger, Technical Currency Strategist
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