NOK/SEK: Set to test 1.0520 – Natixis

Nordine NAAM, Research Analyst at Natixis, explains that given that daily indicators are once again very upbeat, that weekly volatility has stabilised for NOK/SEK cross and that the weekly stochastic has turned around, the risk of a new pullback below the long-term support at 1.0267 (monthly Bollinger moving average) is more remote. 

Key Quotes

“Under these conditions watch out for rebounds towards 1.04-1.0416 (9-week moving average). A breakout above these resistance levels would enable the pair to eye 1.0477 (50-week moving average) before 1.0520 (monthly Bollinger moving average). Longer term, a breakout above this last level would open the way towards 1.0644-1.0666 (weekly parabolic) before 1.07731.0790 (upper band of weekly Bollinger). Supports are located around 1.0248-1.0267, around 1.0190-1.02, at 1.0142 and around 1.0080-1.01.”