USDISK Outlook: New Uptrend, Key LevelsWhat is happening to Icelandic Krona? It is obvious that ISK, just as EUR, had been effected by the political and economic instabilities in Europe. ISK mirrrors EUR to a great extent. The key factor was the Russian Invasion of Ukraine and Russian attempts to intimidate EU Energy Market and overall proximity to Europe as Iceland is the member of European Economic Area. That is where most of its imports come from as well. But unlike EUR, ISK has a history of volatile past and its past volatility and instable behaviour effects the current situation. Also consider that the USDISK monthly downtrend had been broken in February 2021, long before the war and the key factor for that was COVID and decline in tourism sector (major revenue source for the governement). Revival in tourism may stabilize the krona and keep it under 150.
At the moment the major resistance is at 150. That level had been already pierced recently. The more the level is tested and pierced the less signifcant it becomes. Price is in rapid move right now and it may push higher establising a new high. Price may of course fail at 150 and the uptrend may lose steam.
Feel free to use this chart for further ISK tendency evaluations.
FOR EDUCATIONAL PURPOSES ONLY.
