Ceddy86

USDNOK Found Support at 8.7 and Long Target at 8.9

Long
OANDA:USDNOK   USD/NOK
Trend Analysis
The main view of this trade idea is on the 2-Hour. The fx cross USDNOK appears to have found support around the 8.7 price level, as the countertrend move in the currency appears to have ended. This produces an opportunity to go long USDNOK with initial resistance observed around 8.9, which can be an initial target for the fx cross.

Technical Indicators
The premise is based on the RSI emerging from oversold levels and currently near the 50 level at the time of publishing. Also, there is a positive crossover on the KST . Despite the fx cross being below its medium-term MA (75-SMA), USDNOK is above its fractal MA and testing its short-term MA (25-SMA).

Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 8.7 price level and a target of 8.9. This produces a risk-reward ratio of 1.3.

Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDNOK .
Trade closed: target reached: Target reached.