Fundamentally I'm NOK mainly because of PPP and Effective exchange rate undervaluation of the NOK. While in the meantime Norges bank will raise rates twice in 2019.
Technically: pretty (maybe too pretty?) H&S
Action:
-wait for daily bearish candlestick form, go short
-target: lower bound of the channel, 200 DMA confluence
Hi traders,
The USDNOK reversed from a resistance zone and breakout below the ascending trend line and support level.
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Price seems to be building a bullish retracement which is probably part of a wave 4 of a larger wave A.
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Price has the potential to make a bearish bounce at our confluence level as planned on the chart which could indicate the continuation of ...
Retesting prior broken trend line
Retesting short term falling trend line
ABCD completed at 1.271 extension
Stochastic overbought
Shooting star candle
Earlier longer term setup here
The pair has been trading within a long term 1W Channel Up (RSI = 55.524, MACD = 0.145) since last April and according to its neutral Highs/Lows (0.0000), it is near a Higher Low. Based on the Higher Highs/ Higher Lows measurements, the next Higher High is projected on a +6.50% rise at 9.0000. We are going long setting however a more modest TP at 8.82250 ...
As mentioned on Monday, the USD short was looming over many pairs and the USDSGD (see linked idea) and the USDNOK, as indicated, have played out as very good movers.
The EURUSD breakout is also shaping up as we speak and a break of 1.15 seems likely at the end of the day.
Will this set the theme for the next weeks and will the USD weakness persist? The USDX is ...
The Norwegian Dollar has benefited off the back of the current rise in the price of Oil.
USD weakness continues with Fed members talking of potential rate hikes.
Currently, price is testing the key support of 8.4500 and price could move higher from here.
If price holds and moves back to the resistance we could see a head and shoulders pattern forming and ...
USDNOK looks likely to continue lower after forming a head and shoulders pattern on the 4hr chart.
The weekly chart is in an uptrend however price has recently tested a key area of resistance.
With the USD weakness combined with stabilizing oil prices, the NOK could see further upside pushing this chart lower.
If price retraces to the head and shoulders neckline ...
Depois de um inicio de ano com o Flash Crash fantástico no AUD e JPY, a semana pasada terminou com a formação de um perfeito Head n Shoulders baixista no USDNOK a grafico de 12h que acabou, infelizmente, por romper o suporte na ultima vela da semana.
Este fato não invalida este setup, que é de grande qualidade pelo contexto muito bem definido, com uma clara ...
We have a break out of trend line with a pullback on it and a clear RSI divergence . We might be at the right shoulder of head and shoulders pattern , price will probably go down and form a bat pattern .For a sell at actual price 8.68152 , SL at 8.74621 and TP at 8.48555 you get a RR ratio of 3
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.
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