USDNOK - Post GDP Release Short

U.S. Dollar/Norwegian KroneFXCM

Description

⋅ May 20, 2014 8:17 AM

Norway's GDP readings have come in better than expected. Y/Y @ 3.9% and Q/Q @ 0.3% up from 1.1% and -0.2% respectively and both beating estimates.

On H4 charts, the retracement to 5.96074 looks like a prime target to short from targeting 5.83130 (for now).

Alternatively, wait for the resistance to be confirmed at 5.96 and sell at the most recent lows in the run up.

USD (US Dollar)norway GDP

Comments

HexVex

⋅ May 23, 2014 11:32 AM

Short now at 5.967. Figers crossed :)

justatrader

⋅ May 23, 2014 1:03 PM

Likewise.. but mind you its going to be a long time for target to be hit. But on the other hand, the +ve swaps for NOK longs should be something to be happy about.

justatrader

⋅ May 23, 2014 1:50 PM

My broker's on GMT.. H4 candle with 2 hours to go... so far shaping up to be a bearish inside bar!!! I do like how price picked up the entry.. touch n' go as i'd like to call. Here's hoping this one will make good. Monday is gonna be boring with London and US out of the game, hopefully NOK's should give some action