Kumowizard
Short

A major trendbreak? - 4 years trendline being tested

FX:EURNOK   Euro Fx/Norwegian Krone
85 0 5
First of all I hope you followed this trade idea in last two days on Twitter. Then you are already short in EURNOK             .

If you missed the Tweets, no problem, it is still not too late. I show you why.

Weekly:
- Ichimoku setup is bearish: Price is below Kumo and Kijun, Tenkan/Kijun is bearish , Tenkan and Senkou A point down.
- Ichimoku basic rule of Kumo breakout says the break has to be validated by a lower low on next leg down. That would be around 8,90. This would also mean a clear break of the 4 years major strategic bullish trendline!
- Heikin-Ashi gives a sell signal this week! haDelta and DM_Oscillator dip below zero.
- EWO             and MACD are bearish too.

If it breaks down, next bearish targets are 8,50 and 8,35

Daily:
- After some consolidation in the Kumo, and testing 100wma, it clearly turns back to bearish .


I called for this trade back in June-July. I took profit in October, and I was waiting very patiently for the pull back and the consolidation. Yesterday I enterred short again.
OPEC has changed the game, and Norway will be one of the big winners. As I also wrote in my previous posts, the Norwegian economy is very healthy with C/A surplus, no debt, but with already increasing inflation path!

I really believe this can be one of the big trend trades in 2017!

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