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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Expected: -0.1% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-06-18
  • the brooding music when they get to Roxxcart in episode 2? enthralling
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.13% Gold: 0.60% Oil - US Crude: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8rSA2ohup8
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/Yh0PRRRzYl
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.09% 🇪🇺EUR: 0.08% 🇨🇦CAD: 0.06% 🇨🇭CHF: 0.02% 🇯🇵JPY: 0.01% 🇳🇿NZD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vbRu3EprVx
  • maybe I’m biased as a former violinist but wow is @filmmusicholt’s score in #Loki unbelievable.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 83.82%, while traders in France 40 are at opposite extremes with 78.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ur8BEXEQew
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:https://t.co/yK48nZD1ag https://t.co/Rbs94oGSC7
  • USD/CHF Falling Wedge Breakout Nears Target, Trend to Continue? - #USDCHF chart https://t.co/vgrZHTjQnj
  • EUR/USD IG Client Sentiment: Our data shows traders are now at their most net-long EUR/USD since Mar 26 when EUR/USD traded near 1.18. A contrarian view of crowd sentiment points to EUR/USD weakness. https://www.dailyfx.com/sentiment https://t.co/G3PTMBx4s5
USDNOK, USDSEK Technical Analysis Post-FOMC Rate Decision

USDNOK, USDSEK Technical Analysis Post-FOMC Rate Decision

Dimitri Zabelin, Analyst

NORDIC FX, NOK, SEK WEEKLY OUTLOOK

  • Fed rate decision, commentary boosts US Dollar – Nordic crosses
  • USDNOK, USDSEK jump – are now both resuming prior uptrend
  • Underlying bullish bias appears to remain for USD-Nordic crosses

See our free guide to learn how to use economic news in your trading strategy!

US DOLLAR – SWEDISH KRONA TECHNICAL ANALYSIS

In the past two days, USDSEK has spiked over 1.80 percent and is now trading in a range not reached since May – and before that since 2002. Over the past month, the pair has jumped from both sides of the January 2018 rising support channel (red-colored range). The sharp break above the 9.5323-9.5767 (yellow dotted lines) range was due to poor Swedish GDP an unexpectedly less-dovish Fed.

USDSEK Spike Pushes Pair into 17-Year High Range

Chart Showing USDSEK

USDSEK chart created by TradingView

The question is now whether the pair will be able to maintain upside momentum adequately enough to stay above resistance-turned-floor and the rising support channel. The fundamental outlook supports a bullish case for the pair, though traders may wait to enter long positions or add exposure until volatility cools. A break above the prior high in May with follow-through may be a catalyst for a bullish spike.

US DOLLAR – NORWEGIAN KRONE CHART ANALYSIS

Much like USDSEK, USDNOK spiked after the Fed rate decision and commentary by Chairman Jerome Powell. After breaking below the March 2018 rising support channel (red parallel lines) USDNOK traded sideways before spectacularly recovering almost three percent in a week. The FOMC meeting catalyzed an over one-percent spike in USDNOK and led to the pair closing above critical support for the first time since June.

USDNOK Spikes – Will it Last?

Chart Showing USDNOK

USDNOK chart created by TradingView

Looking ahead, traders will likely wait for volatility to cool before committing capital. A continuation of the pair’s ascendancy above critical support may instill confidence for traders to add exposure or enter long positions. However, a break below the channel may signal that the pair was not ready to resume its prior uptrend.

SWEDISH KRONA, NORWEGIAN KRONE TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES