Looking for value in the Viking cross
Sept 13 (Reuters) -The decline in NOK/SEK since May's 2024 high of 1.0125 is nearing a key support point and, with interest rate differentials still favouring the NOK, a bullish opportunity may present itself in the coming sessions.
Apart from a brief dip below the support level in December 2023, the 0.9500 support point has held the market since November 2020.
A drop to 0.9505 in early August found bids and the subsequent rebound took the Viking cross to a high of 0.9821. However, since peaking at 1.0125 in May the cross has recorded three straight bearish monthly closes and September could rack up a fourth.
The underlying weekly and monthly trend favours the SEK but there might be scope for a correction while the 0.9500 level is intact. Within the shorter-term daily chart, a bullish reversal might already be underway. This week's price action has hinted at market indecision at levels around 0.9540-50 and a Thursday-Friday rally has taken the NOK close to the 10-day moving average line, today at 0.9613.
Fibonacci retracement levels taken off the recent 0.9821-0.9539 Aug. 15-Sept. 11 drop provide upside targets at 0.9606, 0.9647 and 0.9680.
The main risk to the rebound scenario is a softer more dovish line from the Norges Bank next week as its policy drivers begin to shift away from a hawkish path.
For more click on FXBUZ
NOK/SEK weekly candle chart: https://tmsnrt.rs/3TtqyLw
(Peter Stoneham is a Reuters market analyst. The views expressed are his own)
</body></html>
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
