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
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.05%, while traders in France 40 are at opposite extremes with 69.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/e2qZBDMNqV
  • Heads Up:🇹🇼 Unemployment Rate (MAY) due at 08:00 GMT (15min) Previous: 3.71% https://www.dailyfx.com/economic-calendar#2021-06-22
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/atvVwOkBBh
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.17% Silver: -0.29% Oil - US Crude: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wIX18CsXWC
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.06% 🇳🇿NZD: -0.13% 🇪🇺EUR: -0.19% 🇨🇦CAD: -0.21% 🇬🇧GBP: -0.32% 🇦🇺AUD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1RgbvSFsvQ
  • 🇨🇭 Current Account (Q1) Actual: CHF 16B Previous: CHF -3B https://www.dailyfx.com/economic-calendar#2021-06-22
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% Wall Street: 0.21% France 40: 0.15% US 500: 0.12% Germany 30: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bN9kT6l20O
  • Heads Up:🇨🇭 Current Account (Q1) due at 07:00 GMT (15min) Previous: CHF -3B https://www.dailyfx.com/economic-calendar#2021-06-22
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/nQ8XPAkiGr
  • 🇬🇧 Public Sector Net Borrowing (MAY) Actual: £-24.3B Expected: £-26.1B Previous: £-31.7B https://www.dailyfx.com/economic-calendar#2021-06-22
US Dollar May Weaken vs. Swedish Krona, Norwegian Krone

US Dollar May Weaken vs. Swedish Krona, Norwegian Krone

Dimitri Zabelin, Analyst

US Dollar, Swedish Krona, Norwegian Krone – TALKING POINTS

  • US Dollar may weaken against Swedish Krona, Norwegian Krone in week ahead
  • USD/SEK recovery after selloff could be short-lived as conviction shows fragility
  • USD/NOK is facing a similar dilemma after an aggressive decline in December

USD/SEK Outlook

USD/SEK appears to have bottomed out at the mid-July 2019 support at 9.3000. It has since staged a two percent recovery, though recent price action suggests a bearish correction may be in the cards. The pair once again failed to clear resistance at 9.4996, though the extending wicks signaled a desire to go higher but ultimately it appears conviction was lacking.

USD/SEK – Daily Chart

Chart showing USD/SEK

USD/SEK chart created using TradingView

If USD/SEK turns lower, it may encounter soft support around 9.430/453 on its way down before testing the multi-layered floor between 9.3411 and 9.3272 (white dotted lines). Conversely, if the pair manage to crack resistance with follow-through, it could catalyze a bullish spike and lead the pair to re-test November-highs at 9.6878 and 9.7228 (gold-dotted lines).

Looking at a monthly chart shows that despite the pullback towards the latter half of 2019, USD/SEK continues to trade roughly around 18-year highs and only slightly above the spike in 2008. Traders may therefore look to go long once the bearish correction loses steam and the multi-year uptrend is once again in play.

USD/SEK – Monthly Chart

Chart showing USD/SEK

USD/SEK chart created using TradingView

USD/NOK Outlook

Much like USD/SEK, USD/NOK appears to have bottomed out after an aggressive decline in November, due in large part to a market-wide selloff in the US Dollar. After hitting support at 8.7692, USD/NOK has risen around 1.30 percent but confidence to continue higher appears to be fading as the pair approaches resistance. This is demonstrated by the ever-shrinking candle bodies and extending wicks.

USD/NOK – Daily Chart

Chart showing USD/NOK

USD/NOK chart created using TradingView

Failure to clear the ceiling may be followed by a selloff as discouraged bulls exit their long positions. However, if it manages to break resistance with follow-through, the next target may be at 9.0030. To get more in-depth technical and fundamental analysis on the Swedish Krona and Norwegian Krone, be sure to follow me on Twitter @ZabelinDimitri.

US DOLLAR 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