18 Feb 2015
NOK/SEK a sell, target 1.05 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical outlook and the trade setup for NOK/SEK, targeting 1.05 while maintaining a bearish view for the pair.
Key Quotes
“NOK/SEK Needs to go back on the radar as it is poised to encounter the 1.1181 2009-2015 downtrend and we look for this to hold and provoke failure.”
“The market is about to reach the 2009-2015 downtrend at 1.1181, looking for this to hold the initial test and slide back to the 1.0769 55 day ma and then the 50% retracement of the last leg higher at 1.0477.”
“Trade Idea: Sell rallies 1.1140, stop 1.1210. Target 1.05”
Key Quotes
“NOK/SEK Needs to go back on the radar as it is poised to encounter the 1.1181 2009-2015 downtrend and we look for this to hold and provoke failure.”
“The market is about to reach the 2009-2015 downtrend at 1.1181, looking for this to hold the initial test and slide back to the 1.0769 55 day ma and then the 50% retracement of the last leg higher at 1.0477.”
“Trade Idea: Sell rallies 1.1140, stop 1.1210. Target 1.05”