USDNOK - 240 - Let's get another drop
Trade idea.
Currently, USDNOK is stuck in a triangle pattern, but this morning, during the Norges Bank rate release, the pair slid lower, but was quick to come back into the pattern. Given that the pair already had an amasing run higher, there might be chance for a small correction back down. But before we could get comfortable with that, we will wait for a clear drop below our key support area.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
Currently, USDNOK is stuck in a triangle pattern, but this morning, during the Norges Bank rate release, the pair slid lower, but was quick to come back into the pattern. Given that the pair already had an amasing run higher, there might be chance for a small correction back down. But before we could get comfortable with that, we will wait for a clear drop below our key support area.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
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