Back
4 May 2015
Shorts favoured in NOK/SEK – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the Nordic cross could resume its downside to the 1.0700 area.
Key Quotes
“NOKSEK’s late Q1 rebound extended in line with our expectations (a little further, in fact) but the move up now appears to be stalling”.
“Price signals suggest that an interim peak may be in place now, with recent gains in the NOK struggling to extend beyond the 1.1200/05 area where the cross topped in February”.
“A bearish “shooting star” signal on Tuesday signaled a top/reversal at (or close to) a point which has also been a long-term pivot point for the cross. Losses have been mild so far but a minor double top now on the daily chart targets a drop to the low 1.07 area on a break under the 1.0961 neckline trigger”.
“Favour shorts against stops above 1.1205”.
Key Quotes
“NOKSEK’s late Q1 rebound extended in line with our expectations (a little further, in fact) but the move up now appears to be stalling”.
“Price signals suggest that an interim peak may be in place now, with recent gains in the NOK struggling to extend beyond the 1.1200/05 area where the cross topped in February”.
“A bearish “shooting star” signal on Tuesday signaled a top/reversal at (or close to) a point which has also been a long-term pivot point for the cross. Losses have been mild so far but a minor double top now on the daily chart targets a drop to the low 1.07 area on a break under the 1.0961 neckline trigger”.
“Favour shorts against stops above 1.1205”.