Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Charalambos Pissouros

NOK/SEK Keeps Printing Higher Highs and Higher Lows

NOK/SEK traded higher on Monday, after it hit support near the crossroads of the 1.0612 level and the upside support line drawn from the low of December 12th. That said, the recovery was stopped by the 1.0690 zone, marked as a resistance by Friday’s high. Overall, as long as the pair continues to print higher peaks and higher troughs above the aforementioned upside line, we would consider the near-term outlook to be positive.

Nonetheless, a break above 1.0690 is needed to confirm a forthcoming higher high, something that could initially pave the way towards the 1.0720 hurdle, defined by the inside swing low of October 15th. Another break, above 1.0720, could extend the advance towards the peak of the next day, at around 1.0750.

Shifting attention to our short-term oscillators, we see that the RSI rebounded from near its 50 line and now looks to be heading towards 70, while the MACD, even though below its trigger line, stands positive and appears ready to move back above its trigger. Both indicators suggest positive momentum and support the notion for this exchange rate to continue drifting north for a while more.

In order to start examining a bearish reversal, we would like to see a decisive dip below 1.0612. Such a dip would not only confirm the break of the pre-mentioned uptrend line, but would also confirm a forthcoming lower low on the 4-hour chart. The bears may then drive the battle towards the 1.0580 zone, marked by the low of December 31st, the break of which may extend the slide towards the low of the day before, at around 1.0550.

NOK/SEK 4-hour chart technical analysis


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2020 JFD Group Ltd.