Price is still trading within a triangle. It is below the Kumo, retested Kijun Sen and the Kumo. Tenkan is still below Kijun, but both a bit flat. Future Kumo lines flat. , DMI and Slow don't give us sufficient information right now. Well, in fact they do give information: that is this mkt is not trending, but consolidating!
Important levels are: 8,2050 / 8,2600 on the top side, 8,1550 and 8,1000 on the lower side.
One more interesting observation is if during last 5 months the price action has been building a major formation? What's more, it looks like a within the Head! Really interesting formation I must say. On a break down from this the measured tgt comes to ard 7,8000 - 7,8500.
I still prefer holding startegic shorts in this cross, with not yet much leverage though.
Beside, we are slowly seeing more fundamental factors supporting a stronger NOK. A lower oil price has reduced the appetite for this pair so far, but the rate difference between Europe and Norway should make this pair more attractive soon.
A higher CPI is expected due lower Norwegian krone and normally this time of year we do see higher sales pushing the prices up. But as always, the X-factor is always either airfares and food prices.
What really annoyes me is that a lot of sht ccys, like e.g. HUF trades a lot better than NOK. Well, you know, Hungary has no sht oil to drive its ccy down, but they have a huge debt instead to attract dumb money! How much better that BB- ccy is than the real one AAA, isn't it? :-) Short terms fundamentals don't matter, long term they will have to. We'll see tomorrow.
Seems every ccy has some problem, AUD, NOK, SEK, GBP, etc., and USD is still preferred to buy against all.