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.
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.
