Possible short-entry in $USDNOK

FX:USDNOK   U.S. Dollar/Norwegian Krone
After the recent peak around 6.45, the pair has lost momentum after last weeks Policy meeting in Norway. A rate-cut due 2014 is out of the question and we should expect a stronger Norwegian Krone ( NOK             ) upcoming weeks and months.

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.
Good morning, We were dead wrong regarding a possible top in USDNOK and took a stop as the pair closed above 6.45. The underlying strenght in USD is far stronger than what Norges Bank said about the Norwegian economy. However, we also believe entering a long position in USD from current levels gives us a poor risk/reward ratio. But we have to admit that the trend is up and we will await until we see a top with confirmation before entering the market again.
Hi vlad.adrian,

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!
The sell off didn't have any follow through. I believe this pair is bullish
Sam0101 vlad.adrian
same goes to use/jpy
USDJPY is much more bullish than USDNOK
Sam0101 vlad.adrian
yes, the bullish scene can be seen from now. Do u think essentially we will reach a new high this week before market close?
Hard to say, it might go sideways for a while, but probably it will make a new high. USDNOK should go higher though next days.
Sam0101 vlad.adrian
whats does the price action of USDJPY tells you for now?
You have to understand that not every day, hour is important for a chart. I explained this to you on my NZDUSD chart. Commit to a position and stick with it, don't change it at every rally or fall. USDJPY is bullish, and has been bullish since I posted my long USDJPY chart 2 months ago. A day up or down won't change that.
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