In this video update, we take a look at USDNOK as price sits at a key supply zone.
The USD Index highlights the potential weakness to come in the USD and with
Crude oil prices stabilising after the recent inventories we could see this market
trade within the range. Technically the daily candle is showing a false breakout.
The 4hr timeframe also shows price forming...
Hello USD/NOK giving usd clear bearish AB=CD pattern which is confirmed by two harmonic calculations. It is projection AB ending around 0.786 fib and BC projection 1.618.
We have multiple rejection to push price above 8.78 area but be aware price can pump and immediately drop.
Target should be brown boxes at the chart.
Looking for price to go up to 8.7 as first target.
Time Fib and Fib projection (extension) perfectly align around 8.48 and indicate the bottom is in place.
Any move below 8.40 invalidates the count but you can stop if price comes below 8.46.
opening my Second Swing Trade on this pair . Looking at the chart and candlestick pattern i see trend reversal to the previous low , now this might take a few months , but for day traders, you can take profit at the bottom of the rectangle range and then re-enter when price move back up to the top of the range .
DAY/ SWING remember SL to entry as...
Hi All ,
I'm joining the trend on this pair , The downward movement stopped at the bottom of the rectangle range and since then price has moved up to test the previous high , so as always , SL to entry when price move in our direction and we will ride this to the previous high .
What are we trading here?
Norway is outperforming in the G10, unemployment falling while inflation exceeding expectations. As a result, interest rates are moving in favour of NOK. The hawkish surprise earlier in the week from Norges Bank suggested that more hikes are necessary has been supportive of the currency.
A key risk is Oil prices holding firm around...