For the past 6 months the pair has been correcting on the Weekly/Monthly chart. So far it made a 3 wave correction, and i am expecting an impulse up to the 0.236 Fib. Will see how the price reacts there, but there are 2 scenarios:
a. we break the corrective structure and go up, or b. we will have another move down for a 5 wave correction.
Either way, its very probable that we will be going up.
FIY: NOK/SEK has a positive swap so its also a carry trade.