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Eur/SekThe market recovery out from 8.70 continues and we look for a fresh higher low to now be in place at 8.80 ahead of the next upside extension towards the 9.30 area further up. Weekly studies are looking even more constructive potentially with the fo
Written by article default Tuesday, 07 June 2011 09:59
Eur/SekThe market recovery out from 8.70 continues and we look for a fresh higher low to now be in place at 8.80 ahead of the next upside extension towards the 9.30 area further up. Weekly studies are looking even more constructive potentially with the formation of a major base and the clear break back above the 9.00 handle has triggered the formation of an inverse head & shoulders base. Ultimately, only back below 8.80 would give reason for concern.
Usd/SekCorrective rallies have stalled out for now and the market is back under pressure and contemplating a retest of the recent range lows by 6.00. At this point, a break back above 6.28 will be required at a minimum to relieve immediate downside pressures.
Usd/Nok Corrective rallies have stalled out for now and the market is back under pressure and contemplating a retest of the recent range lows by 5.20. At this point, a break back above 5.45 will be required at a minimum to relieve immediate downside pressures.
Eur/NokWe are finally starting to see the formation of a potential base in the cross after the market has once again stalling out by the 7.70 handle. The latest break back above 7.80 confirms and exposes 8.10 further up. Only a weekly close back below 7.70 ultimately negates recovery, while intraday setbacks should be well supported above 7.75 on a weekly close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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