FXstreet.com

Technical Analysis: Currencies

This report has been deactivated

9

0

GBP/NOK

Thu, Oct 29 2009, 13:18 GMT
by Nicole Elliott

Mizuho Corporate Bank


Comment: October’s low at 8.8200, just above 1976’s record low around 8.2000, put Sterling close to its most oversold against Norwegian krone. Fairly sharp intra-day moves over the last two months suggest a major re-think and intermediate turn in the pound’s fortunes, here against one of this year’s best performers and against a raft of other currencies too. Yesterday’s close well above the ‘neckline’ of an inverted ‘head-and-shoulders’ has a first measured target at 9.8000 with a possible second squeeze to 10.1000 if enough momentum gathers. Note that moving averages have already turned positive and despite an impressive Ichimoku ‘cloud’ the Lagging Span has few candles to prevent it rallying strongly over the next month or so.

Strategy: Buy at 9.3750, adding to 9.2500; stop below 9.0000. Add to longs on a weekly close above 9.6000 for levels as above.

Published on  Thu, Oct 29 2009, 13:20 GMT


Archive

  • GBP/NOK
    Published On Thu, Oct 29 2009, 13:18 GMT
  • EUR/GBP
    Published On Thu, Oct 29 2009, 13:17 GMT
  • GBP/JPY
    Published On Tue, Oct 27 2009, 15:26 GMT
  • EUR/GBP
    Published On Thu, Oct 22 2009, 12:45 GMT
  • NOK/SEK
    Published On Tue, Oct 13 2009, 10:26 GMT

    • [ View All ]

Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

Legal disclaimer and risk disclosure

The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.

Related reports

The Commodities Report - Gold hovers near its record levels by KBC Bank
Fri, Nov 20 2009, 09:58 GMT

Technical analysis: EuroDollar Futures - Eurodollar Future – March 2010 by Mizuho Corporate Bank
Fri, Nov 20 2009, 09:02 GMT

Start the Day - US House Committee postpones vote on banking reforms by Mizuho Corporate Bank
Fri, Nov 20 2009, 07:44 GMT

Daily Technical Analysis - EUR: Attempt small longs at 1.4915; stop below 1.4800 by Mizuho Corporate Bank
Fri, Nov 20 2009, 07:30 GMT

Forex Technical Analysis - EUR/USD: (1.4922) In channel off 1.3832 by KBC Bank
Fri, Nov 20 2009, 06:35 GMT

gbpnok, techbanks

View All

Interested in forex trading? forex brokerage firms!


ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
MF Global FXA Securities Ltd.
Contact the broker/FDM
Open a demo account		Alpari (UK) Limited
Contact the broker/FDM
Open a demo account		MIG INVESTMENTS SA
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.