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SWEDISH KRONA / EURO

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SEKEUR trade ideas

Krona trading hourly channelThe hourly chart shows solid upward movements consistent with our expectation that the 9.5103 Fibo retracement is up for tests. The pitchfork holds its ground, while a junior channel leads the rate south, facilitated by very bullish-looking SMAs that rest beneath. Resistance at 9.5279 forms an ascending triangle, which has just been broken and then reinforced, giving reason to believe that some more hitches could come from the area, but that eventually the rate will push through.
by UnknownUnicorn890690
Krona on the shoulderOn the daily chart, we see more reasons for a correction. Even though bearish momentum is quite strong with all three possible death cross signals having been posted in the last couple of months, the pair has started a small-scale up-wave, targeting the 23.60% Fibonacci level at 9.5503. The Commodity channel index could not be more indifferent with a reading of almost zero, and suggests that a real trend is yet to emerge. The pair is about to hit the Fibonacci Fan arc over the next few weeks, meaning that it is then that it will surely start eyeing the major cluster below.
Short
by UnknownUnicorn890690
Krona up for demand pressuresEUR/SEK had its ups and downs over the last 20 years or so, setting a high at 11.4465 and a floor of 8.1186. The latest downfall stripped off 31% of the pair's value, and has now resulted in a partial recovery after 8.3253 sent it skyrocketing. A rising wedge pattern is, however, signaling bulls to watch out and it might be time some downward risks remind of themselves. A newly sketched unconfirmed channel up pattern does not gain our trust enough for us to shift into green-zone expectations, but gives some guidance for unanticipated rallies. The weekly chart gives us more reason to believe that bullish momentum will not be sustained and that a dive is to come next. First of all, the pair has set an almost-perfect head and shoulders pattern, following a break outside of the trading range it had been bound by for several years. The shoulder is set at 9.6208 where the previous range boundary rests, but the pair is now approaching the neckline which clusters with the bottom boundary of the rising wedge – together providing very strong bearish potential, if broken around 9.4372. This cluster leads us to the next note – the pair is testing the very edge of the pitchfork which, along with a green cloud, neckline and wedge trend-line might cause a correction phase before weakness is gathered enough to dip beneath. When the zone is broken to the downside, risk will shift to 9.3151, the STARC band which also clusters with a Bollinger Band (not depicted in the chart), setting a strong target for a southward movement. Both CCI and ADX indicate a lack of trend and rest in the grey area.
Short
by UnknownUnicorn890690
Make or Break ResistanceAs predicted, it found support on the previous high-trend line. SEK is releasing 'Industrial numbers in within the half hour, also EUR is releasing PMI within the hour. Depending on the released numbers, I strongly believe EURSEK is a long. Buying volume seems much stronger than selling. No cash build to be seen the last week. If it breaks above the 200MA (orange line), i'm in for a long position. (I do not trade the golden cross. In my experience it's not reliable, I mostly ignore it - but if you don't like that. Stay away from this one.)
by chastic
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