- However NOK Bears could not push the price above 9,58-9,60 key resistance since 8/Dec. Seven failed attempts.
- Norwegian CPI last week was higher than expected despite falling oil prices.
- Market believed in a Norges Bank rate cut with 50-50 chance, but Norges kept its benchmar on hold at 0,75 %. For me it was not surprising at all, given the fact ECB was less dovish and the above mentioned CPI number.
- biased, but Kumo breakout missed textbook confirmation, as price did not make a higher high above 9,60 prev resistance.
- The pair faced heavy selling after Norges decision today. Price is down -1,4 % as bulls unwinding positions. Price reaching Tenkan Sen. We had 5 candles showing undecision and choppy trading in a wide range of 9,43-9,59. Today Heikin-Ashi candle has huge upper and lower wicks again, but this time a red body! haDelta/SMA3 however may dip below zero line. -> Turning bearish!
- Pull back on its way, with possible initial tgt to 9,30-9,35.
If you want to enter swing short, do not rush, as this G10 pair has been trading like a wild EM cross! Try to catch spikes to 9,48-9,52.