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NOK: NOKSEK Pulls Further Away From Parity, 20-day EMA Pierced

NOK
USCEEMEABulletNorwayMarketsForeign Exchange BulletsNorth America

Today’s 0.55% selloff in NOKSEK sees support at the 20-day EMA (0.9856) pierced. A clear breach of this level would counter the bullish sequence which began at the start of the month, and expose the 50-day EMA at 0.9779.

  • The cross has now fallen over 1.5% from last week’s highs, with the recent pullback perhaps reflecting some profit taking after the failed breach of parity.
  • NOK weakness has been reasonably broad-based against the G10 today, with USDNOK moving above the May 1 high at 11.1385 to eye a re-test of 11.2000, which has capped upside this month.
  • Month-end/Thanksgiving-related factors may also be at play. Deutsche Bank “see a relatively consistent theme across G10 of USD supply on the first day of Dec (averaging around 0.3%). The pre-month end seasonality in the G10 space are less clear but there is some USDNOK demand T-2 and USDJPY supply T-2 which stand out."
  • Tomorrow’s Norwegian calendar sees the October labour force survey, though this is not usually a market mover. Norges Bank’s H2 financial stability report is also due. 
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Today’s 0.55% selloff in NOKSEK sees support at the 20-day EMA (0.9856) pierced. A clear breach of this level would counter the bullish sequence which began at the start of the month, and expose the 50-day EMA at 0.9779.

  • The cross has now fallen over 1.5% from last week’s highs, with the recent pullback perhaps reflecting some profit taking after the failed breach of parity.
  • NOK weakness has been reasonably broad-based against the G10 today, with USDNOK moving above the May 1 high at 11.1385 to eye a re-test of 11.2000, which has capped upside this month.
  • Month-end/Thanksgiving-related factors may also be at play. Deutsche Bank “see a relatively consistent theme across G10 of USD supply on the first day of Dec (averaging around 0.3%). The pre-month end seasonality in the G10 space are less clear but there is some USDNOK demand T-2 and USDJPY supply T-2 which stand out."
  • Tomorrow’s Norwegian calendar sees the October labour force survey, though this is not usually a market mover. Norges Bank’s H2 financial stability report is also due.