Week6 - Bearish Flag- USDNOKWeek6 - Bearish Flag- USDNOK
Chart shows good bearish flag and good to have sell stop entry
Key stats
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About USD/NOK
USD NOK (US Dollar / Norwegian Krone)
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.
USDNOK Up.USDNOK Up.
38.2 Higher Low.
Similar move in other exoctic pairs against USD. Building confidence in trade.
US Dollar / Norwegian Krone decision pointUSD/NOK has recently broken its long-term uptrend, to now being in a long-term downward pattern. However, from its current position will it move back up to the 0.718 level or back down to the 0.5 level?
Let's look at 2 different ideas:
(1) If you look at purely technicals alone, going with the long-
Project Genesis - USDNOK Sell With Daily ConfirmationThe 13 EMA has Broken above the 5 EMA on the 4 Hour Time Frame
The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over bought
Fib Retracement confirms a target to the Short side
Take Profit is Derived from Pivots
USDNOKNorwegian krone become stronging under zone 10.84 and want retest for 10.15 but any break of zone we look for 11.25
USDNOK - S&RI placed support and resistance on a 4-hour time period and conducted analysis over 1 hour, thus I placed sell stop and buy stop orders.
USDNOK 1H - In Range Analysis:
USDNOK is currently in range. We can take take long or short trade when the price breaks support or resistance level.
------ Trade 1 ------
Type: Long
Entry: 10.72718
Stop Loss: 10.69803
TP1: 10.75633
TP2: 10.78548
------ Trade 2 ------
Type: Short
Entry: 10.36458
Stop Loss: 10.49155
USDNOK Targeting A Daily B Wave High EntryIn this update we review the recent price action in the USDNOK and identify the next high probability trading opportunity and price objectives to target
See all ideas
MindsNEW
Popular thoughts and analysis from traders watching this symbol at the moment.