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From : FX Daily Hotline: 22 August 2014
Chart of the day: 'Peak' KDR by US$ v NOK

 

The US Dollar, British Pound and Euro all appear on the 'Losers' list versus the Norwegian Krone

The first rate, shown on the right, lost 0.8% and has also plotted a 'Peak' Key Day Reversal from NK6.2005, to reassert the decline from this year's ceiling near NK6.3000.  A sustained push past initial resistance is now needed to improve the outlook for the Greenback.

The Sterling/NOK rate also shed 0.8%.  In Tuesday's hotline, it was pointed out that, although the decline had paused, the lack of a dynamic rebound meant that there was still a risk of a downside renewal once the Pound had corrected its oversold condition.  The rate heads for potential support near the 200-day MA, around NK10.10. 

The single European currency has posted a 0.6% loss.  The rate falls towards the May/June floor near NK8.10.  We would point out that the RSI is in oversold territory, so some reprieve is possible thereabouts.

 

N.B.  Due to a public holiday in the UK, the next hotline will be published on Tuesday 26 August.

 






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