Forex: EUR/NOK taking it easy after Q4 GDP in Norway

The Norwegian krone is losing some ground after the economic activity (mainland) during the fourth quarter expanded 0.3%, below forecasts at +0.4% and down from the previous quarter at +0.8%.

At the moment, EUR/NOK is up 0.04% at 7.3836 with the next resistance at 7.4680 (high Feb.1) ahead of 7.4770 (2013 high Jan.18) and then 7.4846 (high Oct.26).
On the downside, a break below 7.3640 (low Feb.13) would expose 7.3595 (low Jan.15) and finally 7.3570 (low Jan.14).

Feb 13, 2013

Forex Flash: Bunds consolidate as 200-day MA in focus – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Bunds formed a reversal candlestick pattern, suggesting it might test the 142.18 support before launching an assault on 200-day MA. A bearish gap closure and a break of resistance region of 143.00 suggested the price would be likely to see further recovery to 143.20/30 (200-day MA) onto 143.70 after correction is over.”

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Feb 13, 2013

Forex Flash: GBP/USD might bounce to 1.5768 ahead of further losses - Commerzbank

The 2009-2013 uptrend, at 1.5642, has been eroded, but the market is yet to close below here and “we suspect the market will rally towards its 20 day ma at 1.5768 ahead of further losses”, wrote analyst Karen Jones, adding that the break lower has introduced scope to 1.5271/35 (2012 low and 50% retracement of the move since 2009 located here), a key magnet for price. “An interim target is 1.5505, the 78.6% retracement of the move up from June 2012”, she added, pointing to resistance to rallies at 1.5830/79 (November 2012 low, 200 day ma, 38.2% retracement and the February high). “While capped here it will remain directly offered”.

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