NOK/SEK pair likely to head towards the resistance at 1.0730 - Natixis

Sandeep Kanihama FXStreet Contributor

In view of the analysts at Natixis, given that a small ascending channel has developed in the daily chart of NOK/SEK since the start of January and that the weekly stochastic has turned around sharply, it is likely that the pair will head towards the resistance at 1.0730 (weekly Bollinger moving average and upper band of daily Bollinger).

Key Quotes

“There will need to be a breakout above this last level to envisage a more pronounced rebound over the next two to three weeks towards 1.0902 (descending resistance trendline), which is the last obstacle before the resistance at 1.0995 (upper band of weekly Bollinger).”

“Take advantage of any pullbacks towards 1.0650 to buy the NOK/SEK, with as first major target 1.0903 (setting the stop loss below 1.06).”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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