justatrader
Short

USDNOK - Sell on the bounce

FX:USDNOK   U.S. Dollar/Norwegian Krone
116 1 2
Follow up to my EURNOK             chart, USDNOK             is also shaping up for a retracement to sell. Marked past support/resistance levels on the charts.

Currently, there's a median line bounce, so likely for price to test the UML and then gradually drag along.

This could be a long term trade, so set it and forget it. Fundamentally, NOK             is stronger compared to the USD. No QE . Higher Interest rates and a modestly recovering economy. Unemp. rate in Norway sits within 3.6 - 3.3 band (currently at 3.5% unch)

Only risk to NOK             is the reducing investments in its oil             fund, but in comparison the effects of that to the trade duration is negligible.
There is a massive resistance zone that originates from August past year already. This will be hard to be broken at once. That's why I expect a bounce back to around 6 before down further.
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