Chart NOK/SEK Update: Under pressure
Consolidation within the 1.0000 - 1.0050 congestion range has given way to anticipated selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0160~ | ** | 23 Jul (m) high | S1 | 0.9900 | * | congestion | |
| R3 | 1.0100 | * | congestion | S2 | 0.9800 | ** | congestion, 38.2% ret | |
| R2 | 1.0050 | * | congestion tops | S3 | 0.9755~ | ** | 30 Jun (m) low | |
| R1 | 1.0000 | * | parity, congestion | S4 | 0.9650 | ** | 50% ret of Dec-May rally |
Asterisk denotes strength of level
12:15 BST - Consolidation within the 1.0000 - 1.0050 congestion range has given way to anticipated selling interest, with the break below 1.0000 putting focus on congestion support at 0.9900. Daily stochastics and the daily Tension Indicator are under pressure, highlighting room for a test beneath here. But already oversold daily stochastics could limit an initial break in short-covering/consolidation above 0.9800, before deteriorating weekly charts add renewed pressure. Meanwhile, resistance within the 1.0000 - 1.0050 range should cap any immediate tests higher. A close above here, if seen, would stabilise price action and give way to consolidation beneath the 1.0160~ monthly high of 23 July.