#USDNOK: Well Supported #forex

FX:USDNOK   U.S. Dollar/Norwegian Krone
1138 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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Hy Technician,
Is this the trade N°4 ?
ashif030 mac_abra
I think, it is not...
Why this time you avoid SL and TP?
-1 Reply
Sure It can go up or down, you will be right every time you post like this.
-1 Reply
Technician TOP No_more_Post
Read the text please.
+1 Reply
Thank you.
No this is not trade number 4. You will clearly know trades in the journey from the title..
+1 Reply
Central bank will most likely lower interest rate the 18th june
Good thing then :)
+1 Reply
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.

Kumowizard PRO Kumowizard
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.
Omg, you on NOK ???
I hope this trade is still on.I missed my fill just by few pips.
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