FxWirePro: New bullish milestones for Scandinavian FX- USD/NOK at all-time highs, USD/SEK at 3-1/2-month highs
USDNOK is at all-time highs of 8.7625 trending even higher. Technically, we see no reasons for concluding these as overbought scenes. While USDSEK failed resist three and half months' highs of 8.7273 levels but making at…
USDNOK is at all-time highs of 8.7625 trending even higher.
Technically, we see no reasons for concluding these as overbought scenes.
While USDSEK failed resist three and half months' highs of 8.7273 levels but making attempts of bouncing back on daily charts.
Although some sort of bearish sensations are boiling in case of SEK, we could not afford to see this pair weaker. We think shorting at this juncture is absolutely absurd without substantial confirmation.
In both the cases, prevailing monthly closing prices are way beyond 21DMA.
Robust volumes build up in case of NOK is supporting healthy bullish streaks.
EUR/SEK should eventually test the bottom of this year's 9.10-9.70 range in 2H on a late-cycle decoupling of ECB and Riksbank policy.
There are limits to the Riksbank's policy of shadowing the ECB given macro divergence, as there were for the SNB.
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