Looking at the USDNOK weekly chart we can see that price rejected the
key weekly highs. Despite the fall in Oil, the Norwegian Krona performed well,
this could be a sign of strength to come.
We will be watching the 4hr timeframe for shorting opportunities in line
with the weekly timeframe.
USDNOK is showing signs of a sell. We see that it is at a monthly resistance. Rsi is showing signs of it being overbought. We have bullish rejection pins all over the 1 hour and 4 hour. Trade the break out. set your buy order and sell oders based on the 1 hour chart.
Price completed a bearish BAT pattern and a Rising Wedge. From the left structure we can see the possibility for a triple top.
Pay attention to the blue zone at is might be a key level. After it is broken we could see the price to accelerate to the downside again.
Good Luck!
Possible Sell Opportunity for USD-NOK. This analysis was done on NOK-USD, the analysis will show supporting zones to buy which in turn is Opportunity to sell USD-NOK.
USDNOK is approaching Resistance. Price can sell off towards 8.45 - 8.40. However A break and close above 8.82 would initially open up for a potential continuation towards 9.00.
Bearish reversal on USDNOK:
- Price rejected a major weekly resistance level.
- Price broke out of the ascending trend line on the 4H chart.
- Bearish engulfing candle.
