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
More View more
Real Time News
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/bS9seqXadu
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/qmPQdsjX7b
  • OECD Chief Economist Boone says we think Chinese fiscal and monetary authorities have the capacity to buffer the shock from Evergrande (3333 HK)
  • Ethereum (ETH/USD) - Heavily oversold CCI - see prior CCI/price re-action - and a bullish hammer candle forming - will need confirmation. #Ethereum #eth #candlesticks @DailyFXTeam https://t.co/rfTZE76Dm3
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sr63f https://t.co/erYA8KfqEo
  • Coming up at half past. Please join me if you can. I'll be looking at the charts of all the major markets, checking out the confidence reports on the calendar this week and the IG client sentiment data https://t.co/fMUUMsgwGr
  • OPEC+ compliance with oil cuts rises to 116% in August - two sources #OOTT
  • Join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/CX9djlpMya https://t.co/mgkbDgiM0Y
  • 🇸🇪 Riksbank Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇮🇩 Interest Rate Decision Actual: 3.5% Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-09-21
GBP/NOK, EUR/SEK, USD/SEK, EUR/NOK Technical Outlook

GBP/NOK, EUR/SEK, USD/SEK, EUR/NOK Technical Outlook

Dimitri Zabelin, Analyst

EUR/SEK, GBP/NOK, USD/SEK, EUR/NOK – TALKING POINTS

  • EUR/SEK hovering at 8-month lows, eyeing 2013 uptrend
  • GBP/NOK rally appears to be in danger of breaking down
  • Selloff in EUR/NOK could be up next as pair test support

Learn how to use political-risk analysis in your trading strategy!

EUR/SEK Testing 8-Month Lows, Eyeing 2013 Uptrend

In late November, EUR/SEK broke below the September 2017 uptrend after rising almost 15 percent since the ascension started. The break was met with follow-through and a subsequent selloff, though positive RSI divergence suggests downside momentum appears to be ebbing. Selling pressure may ease up as EUR/SEK approach the April 2019 swing-low at 10.377.

EUR/SEK – Daily Chart

EUR/SEK chart created using TradingView

EUR/SEK chart created using TradingView

Zooming out to a weekly chart illustrates the technical significance of breaking below the two-year uptrend. If EUR/SEK falls through 10.3778, it could open the door to testing the six-year rising support channel. A drop below that would likely mark a bearish shift in the pair’s trajectory and may result in a massive selloff.

However, for now, the recent downside breakout appears to be more of a correction of the slope’s steepness rather than a referendum on the pair’s longer-term outlook. EUR/SEK’s trajectory remains otherwise bullish through-year end and early 2020 – barring any sudden fundamental developments.

EUR/SEK – Weekly Chart

Chart showing EUR/SEK

EUR/SEK chart created using TradingView

GBP/NOK Trading at 3-Year Highs: Correction Ahead?

GBP/NOK has broken ingo the 11.8920-11.9692 resistance zone while also managing climb well above the July 30 uptrend as part of what appears to be a bullish surge since the latter half of this year. Since the July swing-low at 10.5434, GBP/NOK has risen over 14 percent, but will the pair’s winning streak soon end?

GBP/NOK – Daily Chart

Chart showing GBP/NOK

GBP/NOK chart created using TradingView

Zooming out to a weekly chart shows that upside momentum is beginning to fade as the pair pushes into key resistance. Looking ahead, much like what was seen in EUR/SEK, the trajectory for GBP/NOK remains bullish but a downside correction may be in the cards. If the pair flals through rising support, it could catalyze a selloff, though this does not suggest the outlook is any-less bullish

GBP/NOK – Weekly Chart

Chart showing GBP/NOK

GBP/NOK chart created using TradingView

EUR/NOK Uptrend on Verge of Collapse

EUR/NOK is on the cusp of breaking below the July uptrend which may open the door to testing near-term support at 10.0602. A break below that floor could end up pushing the pair into a familiar congestive zone between 9.9227 and 10.0602 where it may remain stuck for some time.

EUR/NOK – Daily Chart

Chart showing EUR/NOK

EUR/NOK chart created using TradingView

Zooming out to a weekly perspective shows that the pair is flirting with the lower lip of the July uptrend, which, if broken could open the door to testing the seven-year rising support channel. A breach below that could indicate tectonic shift in the pair’s trajectory.

EUR/NOK – Weekly Chart

Chart showing EUR/NOK

EUR/NOK chart created using TradingView

USD/SEK: Has the Pair Bottomed Out?

After falling close to 2.50 percent since mid-November, USD/SEK appears to have bottomed out at 9.4661. The pair is currently testing resistance at 9.5323, which if taken out could see the pair re-test a familiar congestive range. If USD/SEK climbs above the ceiling with follow-through, buying pressure may ensue with an eye at the 9.6878-9.7782 range.

USD/SEK – Daily Chart

Chart showing USD/SEK

USD/SEK chart created using TradingView

NORDIC FX 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