ACROFX

USDNOK - Possible comeback for NOK?

FX:USDNOK   U.S. Dollar/Norwegian Krone
NOK             has been trough the perfect storm, as the USD has been high on forward guidance from FED regarding rate-hike in December and the Oil             has recently fallen below 40USD. But as we soon enter December, we do notice more sellers in USDNOK             , as in more spikes from high levels and established resistance and weaker ''pace'' on the trend which is for now up.

However, if the oil             catch some bid and possible short-covering into OPEC meeting and if we see some profit-taking in USD-trade, we could break below the main support level in USDNOK             which is located around 8.58-8.60. Only a close below this level will trigger further downside.

For now the trade-setup contains a bit high risk and does not provide a fair risk/reward to enter either way. However, I do believe the risk is on the downside from current levels.

Related Ideas

United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out