9 Mar 2015
NOK/SEK bearish towards 1.05/1.03 – TDS
FXStreet (Edinburgh) - The Nordic cross could be headed for the area of 1.05/1.03 amidst a broad negative stance, suggested strategists at TD Securities.
Key Quotes
“NOKSEK has weakened below trend channel support, as thought likely, but the move down this week has stalled right on retracement support (38.2% Fibonacci derived from the 0.98/1.12 rally)”.
“On the face of it, the mid-week bounce looks quite solid (via a mid-week bullish “morning star” signal) but those gains have already (mostly) reversed and the broader dynamic here is bearish—trend momentum signals are aligned negatively across multiple timeframes while trend and MA support has yielded”.
“We look for firm resistance in the low/mid 1.09 area now and for the move lower to extend below 1.0675 towards 1.03/1.05”.
Key Quotes
“NOKSEK has weakened below trend channel support, as thought likely, but the move down this week has stalled right on retracement support (38.2% Fibonacci derived from the 0.98/1.12 rally)”.
“On the face of it, the mid-week bounce looks quite solid (via a mid-week bullish “morning star” signal) but those gains have already (mostly) reversed and the broader dynamic here is bearish—trend momentum signals are aligned negatively across multiple timeframes while trend and MA support has yielded”.
“We look for firm resistance in the low/mid 1.09 area now and for the move lower to extend below 1.0675 towards 1.03/1.05”.