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RobertSoos

USDNOK kissed top of downward channel, opportunity to sell high

Short
U.S. Dollar/Norwegian Krone (FX:USDNOK)  
RobertSoos  
FX:USDNOK   U.S. Dollar/Norwegian Krone
Supply and Demand Candlestick Analysis Fundamental Analysis USD
1
0
supplyanddemand candlestick fundamental usd
Pros:
Fundamental view: USDNOK spot price overvalued by 42% (Citi's WERM model based on Real Effective Exchange Rates)
Technical:
- Top of downward D1 channel
- Big shadow on D1 candle

Cons:
- ahead of NFP data (big volatility)
- retail traders position: 76% are short on USDNOK
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