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.
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.
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...
We still forsee this ferocious drop coming against the dollar.
Based on this wave analytical structure, we can see a bearish corrective range that could usher in a sharp drop.
Trade with care use a stop loss.
USDNOK reached the top of the Price Channel and seems to move nice down again to the bottom of this channel. Using the 4H charts with Pivot Point SuperTrend and Price Channel.
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Weekly:
inv h&s
Fakeout
Daily:
Bullish M
We expect to reach the -27
4H:
inv h&s + Bullish M
We had a fakeout after a fake out, which gives me more confidence to take the trade long
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
