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Scandi Underperformance Expected to Continue Over Coming Weeks
Written by article default Friday, 10 June 2011 08:05
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/SekSetbacks have stalled out well ahead of the recent trend lows by 6.00 and the market looks to be attempting to carve a fresh higher low by 6.12 to be confirmed on an eventual break back above the recent range highs at 6.43. Our outlook from here remains highly constructive with the market potentially in the process of carving a more meaningful longer-term base.
Usd/Nok Setbacks have stalled out well ahead of the recent trend lows by 5.20 and the market looks to be attempting to carve a fresh higher low by 5.32 to be confirmed on an eventual break back above the recent range highs at 5.62. Our outlook from here remains highly constructive with the market potentially in the process of carving a more meaningful longer-term base.
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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