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Revisiting USDNOK

by Ashraf Laidi
Feb 26, 2009 16:03 | 2 Comments

Revisiting USDNOK - USDNOK Feb 26 (Chart 1)

In revisiting the NOK trade, we see a confirmation of the persistent consolidation in the USDNOK pair, albeit, at a narrowing range with a 7.00 trend line resistance and 6.75 support. The last Hot-Chart (Feb 11) supported the case for wide consolidation but the latest decline in the trend line resistance indicates the 6.99 upside may be attained by bullish oscillators, paving the way for the next leg down towards 6.97, 6.90 and 6.78.

 

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Ashraf Laidi
London, UK
Posts: 0
16 years ago
Mar 3, 2009 9:40
Hi Hamish, those are good points. AUD has a more positive correlation with S&P500 than the NOK but the latter. As for AUDNOK, the Aussie has had steady gains over the past 2 weeks reaching the highest since Jan 21. Ive always said i liked AUD and NOK and the Aussie has not disappointed. I now fiind more value in the NOK against USD than AUD. As for further declines in S&P00 such as 600 (which is my forecast for later this summer), this should again be punishing for both currencies against USD but not so negative for them against other commodity currencies and EUR and GBP.
hamish (rookie trader)
vancouver, Canada
Posted Anonymously
16 years ago
Feb 26, 2009 22:13
I would appreciate a hot-chart & a fundamental update for the SP500 as "risk on" currencies, such as NOK & AUD move exactly in tandem with the SP500. It doesn't seem to matter how one interprets a currency chart or its fundamentals as without exception, they appear to follow the SP.

For a position trade such as NOK is there anyway to calculate an upside cap in the event the SP challenges 709 or heaven forbid the mid 600s ? I suppose the market will decide! I am also surprised that the 15% rise in the oil price has had no positive effect on NOK.


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