Technicals

Add as a preferred source on Google

FxWirePro: Swedish Krona at 4-month peak on upbeat GDP growth rate

The Swedish Krona hits a fresh 4-month peak following upbeat Gross Domestic Product (GDP) figures. Sweden's Gross Domestic Product expanded 0.3 percent in the third quarter after recording a 0.1 percent growth in the pre…

1 min read
FxWirePro: Swedish Krona at 4-month peak on upbeat GDP growth rate
Image from the original EconoTimes article

Read the original article

  • The Swedish Krona hits a fresh 4-month peak following upbeat Gross Domestic Product (GDP) figures.
     
  • Sweden's Gross Domestic Product expanded 0.3 percent in the third quarter after recording a 0.1 percent growth in the previous quarter.
     
  • On annualized basis, Gross Domestic Product expanded 1.6 percent in the third quarter but below a forecast of 1.9 percent. 
     
  • EUR/SEK trades flat at 10.5165, having hit a low of 10.5087 earlier, its lowest since July 25.
     
  • Technical indicators are bearish: RSI weak at 27.62, Stochs are at oversold levels and MACD supports downside.
     
  • Immediate resistance is located at 10.5281, any close above could take it near 10.5508.
     
  • On the lower side, support is seen at 10.5060, break below could take it till 10.4963.

Recommendation: Good to sell on rallies around 10.5108, with stop loss of 10.5281, and target price at 10.4963.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560