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

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

2019-12-10 05:00:00
Dimitri Zabelin, Junior Currency Analyst
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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

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--- 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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