UPCOMING - Norges Bank's decision on monetary policy this week is in the spotlight, the Central Bank of Norway expects the Central Bank of Norway to raise interest rates by 0.25bps to 50.1.50% on Wednesday. The decision will be carefully considered when the Scandinavian bank becomes the first European central bank to raise interest rates since the start of the global financial crisis. Many will be watching the close relationship between IDC and SEK, which could diverge significantly in IDC's favor, especially after the Riksbank disappointed many hawks last week by cutting interest rates, leaving a low outlook until further notice. Calendar for 2010, Monday, light, the only problem is Sweden's trade balance, at 8:30 GMT.
Euro/sec has been consolidating since its low in August 2009. We argue that the market is building a medium-term base. Any pullback should be well supported by a break above 10.45 at 10:05 am, confirming the prospects for higher gains.
Euro/Nokk pre-New Year 's low last Thursday at 8.24, but we think that the market has completely exhausted itself and is ready for a big medium-term increase. Aggressive players can go a long way at current levels as the rally accelerates above 8.40. Refunds will only be delayed after 08:30.
USD/sec is currently under pressure as the market is still in an intense downtrend, hitting a new 2009 low at 6.75. However, we continue to maintain a constructive outlook at current levels; Expect a break above 6.84 on Monday to confirm the outlook.
USD/Knock came under pressure again as the market matched the last week/2009 trend of at least 5.51 before the last slight decline. However, daily exploration appears to be in progress and we do not rule out the possibility of a double down at 5.50 to develop or accelerate a break above the 5.67 neck area.
The Gbp/Nok pair is finally showing signs of recovery after rising to 8.82 last week. Daily studies show that there is plenty of room for further correction: we expect a return to 9.50 in the near term. The flop should now be well supported at 9pm.
Euro/Nokk pre-New Year 's low last Thursday at 8.24, but we think that the market has completely exhausted itself and is ready for a big medium-term increase. Aggressive players can go a long way at current levels as the rally accelerates above 8.40. Refunds will only be delayed after 08:30.
USD/sec is currently under pressure as the market is still in an intense downtrend, hitting a new 2009 low at 6.75. However, we continue to maintain a constructive outlook at current levels; Expect a break above 6.84 on Monday to confirm the outlook.
USD/Knock came under pressure again as the market matched the last week/2009 trend of at least 5.51 before the last slight decline. However, daily exploration appears to be in progress and we do not rule out the possibility of a double down at 5.50 to develop or accelerate a break above the 5.67 neck area.
The Gbp/Nok pair is finally showing signs of recovery after rising to 8.82 last week. Daily studies show that there is plenty of room for further correction: we expect a return to 9.50 in the near term. The flop should now be well supported at 9pm.
Nok/Jpy continues to expand its growth, having overcome the last resistance of 16.50. However, daily research shows that it is overweight, we advise bulls to be careful. Short-term support breaks through previous resistance at 16.50, a break below this level warns of a reversal.
Written by Joel Kruger
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