NORDIC FX, NOK, SEK WEEKLY OUTLOOK
- USD/NOK[1], USD/NOK aiming to break above upper ranges
- Fundamental triggers this week may propel pairs higher
- Breaks above key resistance may reinforce bullish sentiment
See our free guide to learn how to use economic news in your trading strategy[2]!
As outlined in last week’s technical outlook[3], USDNOK and USDSEK’s long term outlook suggests an upward bias for the pair’s movement. In the short term, however, both pairs may seem some minor congestion and possible consolidation before they resume their upward trajectory. Fundamental factors this week[4] may be a key catalyst for breaking above the upper lip of each pair’s respective range.
USDSEK TECHNICAL ANALYSIS
Since last week, the Swedish Krona has been outperforming relative to the US Dollar[5], though this appears to be more of a result of the latter’s overall weakness than a broader strengthening of SEK. The pair is expected to trade between the 9.2273-9.3110 (red and yellow line) range with some possible friction in soft-inter range resistance levels.
Breaking above the upper lip would send a bullish signal to investors and could result in the pair trading higher if the breakthrough is met with follow-through. Following the March 7 ECB meeting, the pair jumped over one percent and reached a 17-year high before retreating. Despite the turn lower, it left a checkpoint and set the stage for what other potential re-entries will have to overcome to confirm uptrend resumption.
If you’re interested in trading the Swedish Krona and
