NOK is the only G10 ccy which has not yet started to perform against EUR. Why is this ccy so much hated? Due to Oil px action? I doubt, as CAD is performing quite well. I rather think people wait for Norges bank decision. But look at EURSEK! What has happened after Riksbank announced rate cut + QE? Initial spike, then collapse, what's more, it has ended in a multi year trendbreak on the weekly chart. I think the same will happen to NOK. Sooner or later it will start to move south as all the other EUR crosses did.Market forces will finally work, and frankly speaking, what the ECB is doing is so stupid, that none of other CB's action could counter that.
Daily: - Still sideaway. price touched range top and possible downtrend line. This was also a Kijun Sen retest. - Heikin Ashi candle today suggest a reversal down again. haDelta/SMA3 cross confirms. - Real bearish acceleration would happen below 8,55, with Chikou Span confirming cross below previous low and below Price candles.
4H: - After last attempt to break below the range bottom the course reversed and actually Price even tried to break above the range top. - Short term Heikin Ashi setup is bearish. DMI is turning bearish as well. - Cross below Kijun and Senkou B level could send it down to 8,55 again. The big question is if and when it can go deeper and start trending finally.