About that USDKNOK Trade

by Ashraf Laidi

Mar 16, 2009 13:19

USDNOK is down 8% from its 7.28 high of March 3. Readers of the Hot-Charts from Feb 11th and Feb 26th were warned of emerging bearishness in the pair (bullishness in NOK) on a combination of technicals (repetitive failures to breach above 7.30) and fundamentals, hefty Norwegian trade surplus and higher interest rates (2.50%). Weekly chart adds credence to a bearish pennant as seen through lower highs in recent weeks. Considering the emerging rally in global equities and broadening negative sentiment in the USD, USDNOK faces interim support at 6.61, a break of which to call up 6.50, followed by 6.38. Upside swings are seen limited to 6.95 and 7.20.

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