Prices appear to be ready for a pullback after testing the long term parallel trend line. Current market structure suggests much more upside in the dollar relative to the krone, Russia hiked rates 7.5% and are rumored to impose capital controls which has caused liquidity to evaporate. The Krone is trading as a proxy to the ruble and has fallen below parity against the USDRUB. All that being said overpriced labor dynamics coupled with plunging crude prices and declining production in northsea oil fields are certainly going to put pressure on the krone in the new paradigm of global oil production.
