DavidNeiderauer

NOK Uptrend Breakdown + August Bullish for Oil

Short
FOREXCOM:USDNOK   U.S. Dollar / Norwegian Krone
The USD/NOK pair recently finished the upward move it began in mid May, which we previously traded successfully. The pair has now executed a bearish crossover and looks to retest lower levels such as 8.45 or even resume the prior secular downtrend.

August is historically a bullish month for petroleum prices, which directly influence the NOK , so we should have a tailwind at our back. https://www.fxstreet.com/analysis/usd-no...
Trade active: 8.81 Short