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
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • USD/MXN drops back into its recent range as investors await further guidance from economic data. Get your weekly Mexican Peso forecast from @HathornSabin here: https://t.co/reMgPrFGdF https://t.co/dl6gomcFxF
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/KS13JNwlvL
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/bxQ8s8eGjR
  • Australian Dollar plunged for a fifth week but held key downtrend support at the yearly lows. Get your weekly AUD technical forecast from @MBForex here: https://t.co/uyUWYQoYS7 https://t.co/BXid10FYD1
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/eReyYRYOn1
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/EWrJy5LfOF https://t.co/NQj5xCdw9b
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/uDeIMr1Ks4
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/FPKAoLQuuI
USDSEK, USDNOK Reach 17-Year Highs as Recession Fears Rise

USDSEK, USDNOK Reach 17-Year Highs as Recession Fears Rise

Dimitri Zabelin, Analyst

NORDIC FX, NOK, SEK WEEKLY OUTLOOK

  • USDSEK and USDSEK may continue to climb beyond 17-year high
  • Growing recession concerns has been boosting anti-risk US Dollar
  • Strong underlying bullish bias likely to continue pushing pair higher

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

USDSEK Technical Analysis

USDSEK has not only resumed its previous 20-month uptrend but is now re-testing 17-year highs as growing recessionary fears are boosting demand for liquidity and driving the US Dollar higher at the expense of the cycle-sensitive Swedish Krona.

The pair may have also found a new support zone – previously congestive area – between 9.5323-9.5767. The fact that the pair bounced back – as opposed to capitulating and breaking lower like it did in May – reinforces the notion of a strong underlying bullish bias. Looking ahead, USDSEK will likely continue to climb higher against the backdrop of investors seeking liquidity above riskier counterparts.

USDSEK Recovery Suggests Bullish Spike Ahead

Chart Showing USDSEK

USDSEK chart created using TradingView

Zooming out to a monthly chart shows USDSEK reaching 17-year highs while it continues to climb along a 20-month upward-sloping channel. The next significant landmark may be at the 10.00 level which is less than a three percent climb away for the pair. If the prevailing trend holds, USDSEK may reach that point before year-end.

How Much Higher Will USDSEK Go?

Chart Showing USDSEK

USDSEK chart created using TradingView

USDNOK Technical Analysis

Since deviating from its 17-month uptrend, USDNOK has spectacularly recovered and is once again re-testing 17-year highs above the previously-broken upward-sloping support channel. In the coming week the pair will likely continue to rise against the backdrop of growing recessionary fears, though if it falls USDNOK may find soft support around 8.950

Looking at a monthly chart shows how strong USDNOK is now relative to where it was a decade ago. The pair is over 20 percent higher than it was at the peak of the financial crisis. If another downturn occurs, the potential upside momentum for the USDNOK could be significant.

USDNOK Significantly Above Levels During 2008 Financial Crash

Chart Showing USDNOK

USDNOK chart created using TradingView

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