FOREXCOM:USDNOK
Looks like we are heading to the downside.
The week ended with a bearish engulfing so we expect price to drop.
If we sense strong selling we will execute a short position and cash out.
FX_IDC:USDNOK
18 July 2022
TRADE PLAN
PAIR: USDNOK
BAR SIZE: Daily
Looks like the pair is developing a CD leg of Bullish Cypher Pattern.
Let's see how the plan plays out
Disclaimer
Charts are EDUCATIONAL, not INVESTMENT recommendation
USD/NOK the price after a Long bullish trend, now it started to create lowers swings with the price standing below its 20 and 50 periods moving average. Our Bias is for a new bearish trend.
After the break of channel resistance, wait for price to retest channel resistance-turned-support. Enter a market execution order after the retest candle closes.
Turtle soup pattern.
Just stopped out of first attempt.
Ready for another SL on this attempt.
Will fire again, with failure on upper trendline.
Any break above upper trendline.
should be a parabolic trust up, so plan is to go long if that scenario occurs.
Risk: 1% SL above daily candle with some wiggle room.
TP target: 8.6
USDNOK has peaked for now, above is weekly chart. At least another week of loss before attempting another high. USOIL moving down from a peak also, USDNOK correlated to oil commodity.
First, it will experience a return upwards and a collision with the resistance area, and then it will go down to the supportive blue trend line. If the pattern line is broken, we will have a drop to the take prafe point.
Price hacve hit a trendline and showing signs of exhaustion.
10.00 is also a major area for USDNOK, only been above this level once according to my memory ( covid crasy )
I expect price to come down and test the lower parallell trendline projection and with that confirming a channel.
Rate decision on thrusday 23 of june, and price likes to move before the...
The U.S. Dollar vs. the Norwegian Krone. The is the most popular pair to trade Norwegian currency. Oil prices and changes in interest rates greatly influence the Krone. Norway’s economy is highly dependent upon trade with the UK and Euro-Zone thus making it extremely sensitive to changes in those economies.
OANDA
