Price is currently testing a zone it has not been to since June. Seller momentum is weakening as today's Daily candle printed with a pin bar/dragonfly type candle. This looks like a good long swing trade but even if price breaks then obviously look for a retest then a move to the downside so that if your Long trade did not work out you will still profit off of the...
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...
Strong NFP and unemplyment rate data released last week was very successful for the USD
Nonfarm Payrolls report was released at +263K (vs the expected +181K)
Unemplyment rate was released at 3.6% (vs the expected 3.8%) This was the lowest level since the 1960's
We see a gap on USD/NOK. The USD jumped up and reached the level of 8.75000
1DTF shows us...
In this video update, we take a look USDNOK and how this market could benefit from any USD weakness.
The weekly chart showed price rejecting a key resistance zone, looking to the 4hr chart we can see price is
currently back at previous structure lows where we could see sellers re-enter the market.
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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...
In today's video breakdown we again look at USDNOK and assess how the market has been moving and how we would look to trade this with the anticipation of this market moving higher into the key resistance zone.
In this video we explain how the USDNOK pair could move lower into the key support zone of 8.3000. The market
is back into a key weekly trendline resistance and looks to be rejecting with the 4hr timeframe breaking a key supporting
trendline. Looking for shorting opportunities on the re-test of structure making stops are above key highs.
