Daily: Price reached a longer term equilibrium level ard 8,30, it is right at the Kumo, which we have to assume as resistance for further moves. Note that the Kumo is not thick, so we can not exclude a spike above. DMI is , but with no real pickup. is , but seems histogram starts decreasing again. Slow is overbought and turning down. Tenkan and Kijun stay together below the price with almost a weak cross. The future cloud is overshades Price but cloud components still point down. Chikou is at Price candles.
All in all from here the possibility of a dip to 8,20 is higher than the chance for any further gains.
4 Hrs: Counter trend intact, but reached above 60, with DMI lines not widenning further. Lower supports are: 8,2470, and most importantly 8,2050. The second support is in line with daily Tenkan and Kijun Sen, so for short term that has to be considered as a stronger key level.
Trade idea: Short 0,5 or may 1 trade unit in 8,2900-8,3000 range. Initial tgt is 8,2050. Initial stop is 8,3375. In case Price breaks below the importnt 8,20 again, the position will have to be sized up massively, as in that case price action may get even more , and with a final break of the long term and horizontal support ard 8,10 a long lasting move can develop.
p.s.: Norges Bank rate setting meeting is due tomorrow, comments will cause sharp move in Price. Of course it can be in any direction, that's why we always use a stop :-).
Recent macro figures from Norway have been improving, with most of the time better than expected numbers published. Fundamentally I think NOK is the most undervalued G10 currency, but as usual, technicals matter first.