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2 Mar 2015
NOK/SEK remains bearish – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the outlook for the Nordic cross remains negative.
Key Quotes
“NOKSEK appears to be rolling over after the late 2014/early 2015 rally in the cross stalled around long-term trend (going back to late 2012) resistance at 1.1173”.
“Heavy selling this week leaves the cross looking soft but near the base of the recent consolidation channel”.
“Loss of support at 1.0880 looks more likely than a bounce at this point (as trend momentum studies are aligning negatively) and should trigger renewed weakness: below the 40-day MA (1.0800/10), which has been a good bellwether for the cross recently, will confirm the bearish outlook. Look for opportunities to sell”.
Key Quotes
“NOKSEK appears to be rolling over after the late 2014/early 2015 rally in the cross stalled around long-term trend (going back to late 2012) resistance at 1.1173”.
“Heavy selling this week leaves the cross looking soft but near the base of the recent consolidation channel”.
“Loss of support at 1.0880 looks more likely than a bounce at this point (as trend momentum studies are aligning negatively) and should trigger renewed weakness: below the 40-day MA (1.0800/10), which has been a good bellwether for the cross recently, will confirm the bearish outlook. Look for opportunities to sell”.