EURNOK has been in 7.95-7.525 range for a whole 2011. While
it looks that the upper bound gets lower from May.2011, this range may be
traded by selling rallys between 7.8-7.9 zone. Although risk/reward ratio may
not be quite there considering this as a long-term trade (several days/weeks),
fundamental expectations that Euro should not gain a significant strength in a
near future may confirm a slightly higher risk from a technical angle
(potential spikes that may trigger stops).
GBPSEK shows some divergence pointing to some losses for
Pound. There is a potential to trade in both directions as long as price
remains on the upside within the ascending channel. Problem with this pair is a
relatively short range given the price for a trade entry...
For a whole 2011 USDNOK has gone nowhere!! It started with 6.00 and finished up this
year almost at a pip with testing a bottom at 5.2 back at the end of April.
Moving forward to 2012 – I will put a short order to 6.00
with a stop @ 6.150 given SMA and RSI confirmation (%K and %D line crossing on
a daily and weekly and RSI not going over 58 on a weekly chart). It would be
reasonable to expect retesting of 5.5 area and potentially 2011 low @ 5.2 given
no major financial collapse happens within next 3 months!?
USDSGD
This pair has been in a steady decline since April.20012 up
until Sep.2011. September breakthrough up to 1.310 area has stalled in the last
three months consolidating in the orange circled area on a day chart.
Long term trend remains bearish as long as price remain
below 1.3600 (weekly chart ).
On a smaller scale (daily) look for a short around 1.305
with a stop @ Oct high (1.3150).
On the other side, if this price break confirms its breakout
towards a bullish trend, watch for a crossing of %K and %D lines upwards on a
daily chart confirmed by RSI that should stay over 42.
I would look for a weekly breakout price closure above 1.315
to expose 1.36 (weekly 200 day SMA).
USDZAR
USDZAR recent rally from Aug.2011 has temporary run out of
steam @ 8.5. Bullish trend remains intact and temporary weaknesses should be
bought as long as weekly closures are remaining above 200SMA. Potential upside
8.75, 9.25 and finally 2009 high @ 10.5.
No comments:
Post a Comment