FullTimeTrader
Short

USDNOK-another short opportunity-read warning

FX:USDNOK   U.S. Dollar/Norwegian Krone
291 0 7
First of all, i strongly recommend to trade only ONE USD RELATED PAIR at a time. Never overexpose your account opening many USD related trades. More than that, we have strong NFP news on friday and the reaction to that news is unpredictable.

Having said that, looking at W1 chart a long ABC zigzag is finished just at the 1.61 fib expansion. A strong bearish divergence is in play:
snapshot

Here on D1 chart we have:

- double top with bearish divergence on RSI shows price is exhausting.
- convergence-divergence setup
- EW impulse follow by a deep correction

If this setup is correct we could expect a big long term decline from here.
Best regards

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