Kumowizard

Undecision before Norges Bank meeting

FX:EURNOK   Euro Fx/Norwegian Krone
45 1 6
Weekly:
- Major bullish trend and bullish Ichimoku setup
- Price pulled back to Kijun Sen, but could not stay below.
- Heikin-Ashi candle shows undecision at Kijun Sen. haDelta still below zero, but crossed above SMA3

Daily:
- Trendline and bearish Kumo break, but no follow through! Lot of noise at lower side of Kumo during last 6 days.
- Ichimoku setup shd be considered neutral, maybe with slight bearish bias. Chikou Span is also in past Kumo.
- Heikin-Ashi: haDelta/SMA3 at zero --> neutral. Oscillator green --> bullish bias. Candles --> too much noise, even with this noise filter.
- EWO is still bearish

Oil             started some pull back, and that correction itself puts some pressure on NOK             and CAD again. However the major factor this week is the rate setting of Norges Bank on 17/March. Market has priced in some cuts. If Norges keeps on hold and/or gives less dovish comments, then EURNOK             may break lower.

Related Ideas

2use
8 months ago
still bias is bearish and further down
some helpful tip :) *indecision
Reply
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