Since last weeks sell-off, the pair has today retraced 61.8% of the move down and we should see a possible turnaround from current levels (below 6.40 area). Short USDNOK belove 6.40 (currently at 6.38+). Target is 6.20 and stop should be executed if the pair closes above 6.45.
Indeed, you are right that this pair is with no doubt very bullish. We are trying to catch a possible top, but also using fundamentals factors, which we believe supports a stronger Norwegian krone. This however, might take several days or weeks, but we believe the overall USD run is a bit stretched. Again, nothing in the charts which says or confirms a reversal for now.
We will see how this pair develops next couple of days and our strategy remains the same.
Thanx again for feedbacks and still have a lovely day!