=> We are eyeballing a break of the current range to the downside here in EURSEK => Our targets are 10.00x with stops above the 76.4 fib at 10.600x => This is a very technical play in an environment where SEK valuations are attractive to say the least. We've done superbly well in our USDSEK shorts so far despite the broad based dollar strength and we see SEK...
TP = 12.700 hit as the price completed the bullish 1D leg within the 1W Rectangle (RSI = 49.145, Highs/Lows = 0, Ultimate Oscillator = 50.485). After hitting the 12.845 Resistance, the pair is expected to move towards the 12.000 support. We are short again with TP = 12.200.
Both long and short targets hit on NOKSEK as the price made a two-way swing within the Rectangle's 1.09456 Resistance and 1.07445 Support. The 1W Rectangle remains valid (RSI = 56.591, STOCH = 52.647, ADX = 18.466) and we will continue applying a scalping approach, currently on a short aiming at the 1.07445 Support (TP).
This may be reflect a possible Elliott Waves Count for the pair!
=> After Sunday's election resulting in political deadlock we are set for another circus of government building. => Here we are expecting politics to open up an extended period of narrative for SEK where the path to normalisation (hikes expected to begin in December) will take centre stage. => With the focus shifting towards Riksbank and the economic expectations...
It is all in the chart :) From experience & instinct there is a high probability USDSEK is going to bounce now. Bullish divergence is my condition to enter a trade and it is filled. I will update this idea as this pair moves. I do not know what the perfect way to scale in is. I do not own a quantum fund. My scaling is small large medium (example: 0.2 lot 1 lot...
TP = 12.283 hit on SEKJPY as the 1W Rectangle declined and even marginally crossed the 12.050 Support to form a new base at 11.973. This doesn't alter our support-long/ resistance-short strategy, as the pair is showing significant bullish reversal bias on 1D (overbought STOCHRSI, Williams, CCI, ADX = 22.908, RXO = 2.123). Going long, TP = 12.700.
=> For those following our USDSEK idea you will know we believe the negative SEK flow is something that has run its course. => Oil is starting to look very heavy at the highs, the boat is fully loaded with almost 90% are now bullish. In the oven we have more advancements coming on the electric side which will likely show a clear inflexion point for the end of oil...
USDSEK is trading within a long term 1W Channel Up (RSI = 67.172, MACD = 0.190, Highs/Lows = 0.1401, B/BP = 0.3894), which has just tested the first Support at 9.03686. If it doesn't continue higher from here then the Higher Low will be made at the lower Support on 8.93186. Both are technical long entries with TP = 9.35123.
NOKSEK is trading within a long term Rectangle on 1W (Williams = -53.421, CCI = 12.5397, Highs/Lows = 0.0000) with 1D indicating that at the moment the price is on the pivot (RSI = 51.985, ADX = 17.916) with both directions equally probable. We will be scalping within the Resistance (1.09456) and Support (1.07445) lines indicated in blue.
USDSEK continues to trade inside a long term 1D Rectangle (ADX = 15.631, Ultimate Oscillator = 49.902) and we can continue working within the yellow rays on a medium term scalping approach. For now we are shorting, TP = 8.64012.
TP = 12.792 hit as SEKJPY continues the very controlled sideways trade on the 1D Rectangle (RSI = 52.414, STOCH = 49.962, CCI = 9.9279, Highs/Lows = 0). We continue to trade within its ~ 12.100 - 12.850 range, opening a short now, TP = 12.283. Even 1W is neutral on RSI, Highs/Lows, Ultimate Oscillator.
GBPSEK hit the previous 11.50 TP and support on 1W on a standard 1D Channel Down pattern. Now it is approaching the same support again (11.49183) and another technical bounce is most likely going to take place. This is a long call to 11.76440.
SEKJPY has price a Higher Low on the 4H Channel Up (RSI = 66.713, Highs/Lows = 0.0449, B/BP = 0.1010). This is a long call, TP = 12.792. The upside is limited on 1D to a 12.845 Double Top.
USDSEK is trading near the 1D Rectangle's Resistance. It may rise to 8.97077 but eventually should test the 8.56621 support if the 8.98828 resistance stays intact. We are taking a short action: TP = 8.64012.