Despite all the very strong fundamentals, NOK has been beaten badly during last few weeks... just because some considered this pair as a perfect proxy for collapsing Oil. Well, despite Norway has its major income from Oil production and export, I don't think it was so reasonable to hit this ccy that much, while for example CAD was rather stable.
Weekly (right panel): What was very important for last week, to avoid a major horizontal break of 8,5450-8,5550 support area until weekend. EURNOK spiked at extreme 8,67, but within two days it dropped sharply back below the Key support, and resulted in a huge hanging man candle. From this we can expect a pull back down to the weekly Kumo, but until Price is above the cloud and the trendline (8,20 will be the most important level), the picture is still bullish biased.
Daily: Extreme moves, extreme ATR (volatility), which will likely stay high. MACD and Slow Stoch sell signals together, Price is just attacking the secunder bullish trendline and Kijun Sen. Whenever it manages to break, the move will continue down to next key level at 8,29.
4 Hrs: Price is about to break trend and Kumo, also DMI is giving a bearish signal. It will be a good counter trend short from now, but given the oversold Slow Stoch, first I'd really like to see the break, second I'd would wait for some pullbacks to 8,45+ leves to enter in case. As I said, volatility is very high, so adjust your trading size and stops accordingly.
Weekly (right panel): What was very important for last week, to avoid a major horizontal break of 8,5450-8,5550 support area until weekend. EURNOK spiked at extreme 8,67, but within two days it dropped sharply back below the Key support, and resulted in a huge hanging man candle. From this we can expect a pull back down to the weekly Kumo, but until Price is above the cloud and the trendline (8,20 will be the most important level), the picture is still bullish biased.
Daily: Extreme moves, extreme ATR (volatility), which will likely stay high. MACD and Slow Stoch sell signals together, Price is just attacking the secunder bullish trendline and Kijun Sen. Whenever it manages to break, the move will continue down to next key level at 8,29.
4 Hrs: Price is about to break trend and Kumo, also DMI is giving a bearish signal. It will be a good counter trend short from now, but given the oversold Slow Stoch, first I'd really like to see the break, second I'd would wait for some pullbacks to 8,45+ leves to enter in case. As I said, volatility is very high, so adjust your trading size and stops accordingly.
