NOKSEK - Failed rally emphasises downside
11th June 2015
Last week’s strong decline in NOKSEK, almost 4 1/2 big figures, broke through an important moving average to give medium term sentiment a new negative bias. This break was clearly more pronounced than the temporary and limited move below back in March.
In addition, Relative Strength Indicators also gave a Bearish trigger that was absent in March. So this leaves that important indicator in negative territory for the first time since January.
This week began with a corrective bounce but, crucially, the rally stalled and has completely reversed at a Marabuzo line created last week. This emphasises the underlying NOKSEK bearish tone and targets on the downside are 1.0315/59 area then 1.0205.
