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USDNOK, USDSEK Technical Analysis Post-FOMC Rate Decision

USDNOK, USDSEK Technical Analysis Post-FOMC Rate Decision

2019-08-01 02:00:00
Dimitri Zabelin, Junior Currency Analyst
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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.

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