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.
USDNOK affected by oil reactions over the last few weeks - forming a wedge pattern as a result that could see a break to the downside. Contributing to the fact of a strong #Dollar, in addition to #Oil bullish prices. #huracanfx A push to the downside as #Daily Resistance confirms our trade additionally as a third possible touch around 8.82000 as price hovers...
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...
Disclaimer - I could be wrong/Trade at your own risk...
Entering short at the top of 6mo range. Reversal zone. TP 266pips SL 70pips Go small! DXY also looking bearish, matching our play here.
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...
I entered this earlier with a gold long. Yet, this might have a little left on the move.
first entry hit my stop loss as it was too tight it retraced back close to my original entry point
After a price rejection, and failure to break the resistance, we go short.
Looking like USDNOK will continue to break the resistance lines, therefore placing a long position with a good SL as it can be a volatile pair.
Interesting bearish crab in the 4h timeframe for USDNOK Watching it closely. 8.70 area provide good resistance, if bear start to sell i will enter. T1 is @ 8.56 T2 is @ 8.43 will keep time for this, on my main WL ------------------------------------------------------------------------------------ 90% Accuracy in the last 2 years!! Read my free forex report : bit.ly
Reached a strong resistance time to cool off and short down to support