Technician
Long

#USDNOK: Well Supported #forex

FX:USDNOK   U.S. Dollar/Norwegian Krone
1131 13 27
The pair is in an interesting position, recently formed a hammer at support and neckline of the double top formation at 7.7100 and the 50-days SMA , The price could have done this retest before heading higher towards an initial target at the two latest tops around 7.9850....

Holding above 7.7100 is the main requirement for this scenario, as a breakout and daily closing below it will confirm the double top pattern breakout. In that case, shorting with targets at 7.5000 and 7.3115 is the preferred choice..

Good luck
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mac_abra
2 years ago
Hy Technician,
Is this the trade N°4 ?
Reply
ashif030 mac_abra
2 years ago
I think, it is not...
Reply
No_more_Post
2 years ago
Why this time you avoid SL and TP?
-1 Reply
No_more_Post
2 years ago
Sure It can go up or down, you will be right every time you post like this.
-1 Reply
Technician TOP No_more_Post
2 years ago
Read the text please.
+1 Reply
No_more_Post
2 years ago
Thank you.
Reply
Technician TOP
2 years ago
No this is not trade number 4. You will clearly know trades in the journey from the title..
+1 Reply
hoxy313
2 years ago
Central bank will most likely lower interest rate the 18th june
Reply
Technician TOP hoxy313
2 years ago
Good thing then :)
+1 Reply
Kumowizard PRO hoxy313
2 years ago
Or not. Norges is not like Riksbank. Just look at how excited mkt was before their last meeting, and they did not cut. I think the more the mkt is trading against NOK, the less they feel to join global CB idiotism to cut rates exactly at a time when CPI starts to bottom.

NOK is the cheapest G10 ccy, while Norway is one of the real AAA rated countries left in the word.

Also if Oil breaks this horizontal range, NOK will get support again.

I don't say short NOK trades can not work, but this is not a good risk-reward trade here. Especially not against USD.

Reply
Kumowizard PRO Kumowizard
2 years ago
Just checked my Ichimoku/Heikin Ashi model. It is absolutely neutral, both regarding the Price relation to averages (Ichimoku) and the last few days integrated Price action (Heikin Ashi). Taking any directional position (short or long) here is more like a coin toss.
Reply
vlad.adrian PRO
2 years ago
Omg, you on NOK ???
Reply
TahirAli
2 years ago
I hope this trade is still on.I missed my fill just by few pips.
Reply
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