16 Dec 2015
NOK/SEK: sell on strength – TDS
FXStreet (Edinburgh) - Strategists at TD Securities have recommended fading the occasional bullish attempts in the Nordic cross.
Key Quotes
“While a period of consolidation or correction may extend a bit further, we think it will remain temporary. From our perspective, the trend lower looks well established and likely to continue”.
“We see good resistance against further gains coming in at 0.9878. This, we think, could offer an attractive entry point for a move lower against a stop at 0.9960”.
“Looking lower, we think NOKSEK could move to fresh lows for this cycle. On a medium-term basis, we see potential support arising at 0.9630 (Dec1990 high), 0.9328 (Oct 1991 high), and 0.9003 (Sep 1992 low)”.
Key Quotes
“While a period of consolidation or correction may extend a bit further, we think it will remain temporary. From our perspective, the trend lower looks well established and likely to continue”.
“We see good resistance against further gains coming in at 0.9878. This, we think, could offer an attractive entry point for a move lower against a stop at 0.9960”.
“Looking lower, we think NOKSEK could move to fresh lows for this cycle. On a medium-term basis, we see potential support arising at 0.9630 (Dec1990 high), 0.9328 (Oct 1991 high), and 0.9003 (Sep 1992 low)”.