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olly_price
Jun 28, 2016 7:56 PM

USDNOK symmetric triangle: trade a break 

U.S. DOLLAR / NORWEGIAN KRONEICE

Description

Trading opportunities from a symmetric triangle, providing us with the opportunity to trade a break below or above the resistance/support.

My opinion: Further downward pressure on oil will cause the USD to strengthen against NOK (Norwegian Krone) due to Norway's economic dependancy on oil prices. This will cause a break above the triangle and hopefully a profit target to be reached.

Profit targets are green lines.

Trade active

Short

Trade closed: target reached

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