USDNOK and EURNOK mixed short-term outlooks

• USDNOK retains a positive short-term tone within a broader, intermediate-term range.
• EURNOK has a negative short-term bias, also in a neutral, intermediate-term environment.
• This tells us more about EURUSD than anything else, that the risks for EURUSD are to the downside.

USDNOK upside threat

A resilient consolidation for much of May, digesting the later April-early May sprint higher to the topend of the 2019 range, rebounding Wednesday from 8.7304 new support, above the May up trend line, setting risks to the upside for Thursday.

We see an intermediate-term range defined by 8.8245 and 8.6081.

For Today:    

• We see an upside bias for 8.7756; break here aims for 8.7875, maybe 8.8047.
• But below 8.7500 opens risk down to 8.7304.

Intermediate-term Range Breakout Parameters: Range seen as 8.8245 to 8.6081.

• Upside Risks: Above 8.8245 sets a bull trend to aim for 9.9375, 9.0000 and 9.2550.
• Downside Risks: Below 8.6081 sees a bear trend to target 8,4596 and the 8.41/40 area.

Daily USDNOK Chart

EURNOK negative tone

A Tuesday-Wednesday selloff has rejected much of the positive tone from last week’s rebound activity, which has reinforced the May consolidation and the broader 2019 range theme, but the setback through support at 9.7756 sets risks lower for Thursday.

We see an intermediate-term range defined by 9.8803 and 9.5553.

For Today:    

• We see a downside bias for 9.7514; break here aims for 9.7347.
• But above 9.7857 opens risk up to 9.8000.

Intermediate-term Range Breakout Parameters: Range seen as 9.8803 to 9.5553.

• Upside Risks: Above 9.8803 sets a bull trend to aim for 9.9605, 10.0000 and 10.0574.
• Downside Risks: Below 9.5553 sees a bear trend to target 9.4166 and 9.0000.

Daily EURNOK Chart