NOK
#WTI #USOIL #USDNOK - Are you looking at this? Watching ThisLooking at the charts, I can see an opportunity to go #long #WTI #USOIL and if you wish #short #USDNOK, these markets have a correlation (not tick for tick), but you could do a play on a weakening dollar, NOK is typically oil pegged currency, it's very volatile, but you can reap rewards IF traded correctly. I am looking for a short-term bounce in #Oil and an opportunity to sell on the rally, in the meantime I am waiting for a break of 52.60 to initiate long to target the $60-$62.
USD/NOK 1H Chart: Previous forecast at workThe previous forecast worked, and the USD/NOK currency pair has reached the resistance cluster formed by the monthly R1 and the weekly R2 in the 8.5565/8.5889 range.
Currently, the pair is testing given resistance. Given that the exchange rate is being supported by the 55-, 100– and 200-hour SMAs, it is expected that the rate goes upwards to the upper boundary of a long-term ascending channel located circa the 8.7500 mark. Technical indicators for both short and long runs also support bullish scenario.
It is the unlikely case that some bearish pressure still prevails in the market, the US Dollar should not exceed the 200-hour SMA, which is currently located at 8.5056.
USD NOK Bearish Shark Pattern and Double TopShort position can be try with stop loss above the double top.
Stop loss and targets mentioned in graph.
USD NOK Bearish Bat FormationThere is a bearish bat formation. Entry price, targets and stop price mentioned in graph.
GBPNOK: Long term short.GBPNOK is trading within a long term 1W Channel Down and has just made a Lower High. With 1M neutral on RSI = 51.074, CCI = 29.2202 and Highs/Lows = 0.0000, the price is on the most optimal levels to short on the long run. TP = 10.56170 & 10.4500 in extension.
USD NOK SELL (DOLLAR – NORWEGIAN KRONE)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
EUR/NOK 1H Chart: Bullish momentum prevailsThe Euro has been appreciating against the Norwegian Krone since the the middle of October. This movement has been bounded in an ascending channel.
Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs, it is likely that the rate continues to go up within the following trading sessions. Technical indicators for the 4H and 1D time frames also support bullish scenario. A potential target is the resistance cluster formed by a combination of the weekly R2, the monthly R1 and the Fibonacci 50.00% retracement located circa 9.6000.
It is the unlikely case that some bearish pressure still prevails in the market, the Euro should not exceed the weekly S2 at 9.4719.
USDNOK: 1W Channel Up. Long.The pair is trading on a long term 1W Channel Up (RSI = 56.126, MACD = 0.050) that is near or has priced its Higher Low (Highs/Lows: 0.000). Long term buy position with TP = 8.6500.
USD/NOK 1H Chart: Upside momentum likelyThe US Dollar has been appreciating against the Norwegian Krone after the currency pair reversed from the lower boundary of a long-term ascending channel located at 8.1500.
Given that the rate is supported by the 55-, 100– and 200-hour SMAs, which currently are located in the 8.2572/8.3650 area, it is likely that an upside momentum prevails during following trading sessions. Technical indicators for the short run also support bullish scenario.
A possible target is the upper channel line at 8.6600 and an important resistance level to look out for is the Fibonacci 61.80% retracement at 8.4861.
NOKIA POTENTIAL 3 WAVE CORRECTION FOR ONE MORE WAVE DOWNNOKIA seems consolidating to make one more wave up. If it completes this X wave i'm expecting one more wave down.
Both targets hit. Support test ahead. Short.Both long and short targets hit on NOKSEK as the price made a two-way swing within the Rectangle's 1.09456 Resistance and 1.07445 Support. The 1W Rectangle remains valid (RSI = 56.591, STOCH = 52.647, ADX = 18.466) and we will continue applying a scalping approach, currently on a short aiming at the 1.07445 Support (TP).
USD/NOK 1H Chart: Short-term channel in sightThe US Dollar has been appreciating against the Norwegian Krone since the pair reversed from the lower boundary of a long-term ascending channel located circa 8.1000. This movement is bounded by an ascending channel.
Currently, the pair is trading near the Fibonacci 50.00% retracement at the 8.1825 mark. The exchange rate is supported by the 55-, 100– and 200-hour SMAs. Also, technical indicators flash bullish signals for the 1W time frame. Given these two facts, it is expected that the pair will continue to go upwards to the weekly R2 at 8.2500.
However, this advance might not be immediate and the pair could re-test the lower boundary of the short-term channel.
EUR/NOK 1H Chart: Downside potentialThe Norwegian Krone has been appreciating against the Euro in a short-term descending channel. This movement began on September 7 when the pair reversed from the upper boundary of a long-term descending channel.
As apparent on the chart, the currency pair is pressured by the 55– and 100-hour SMAs. Most likely that the pair will continue to go down and will aim for the support level formed by a combination of the weekly S1 and the Fibonacci 100.00% retracement located circa 9.4100.
If given support level does not hold, it is likely that the exchange rate will continue to go downside to the weekly S2 at 3.3377.
Higher Low on 1W Channel Up. Long.CHFNOK is in the process of completing a Higher Low on the 1W Channel Up (RSI = 57.467, MACD = 0.092, Highs/Lows = 0.0650, B/BP = 0.0984). This can be a lengthy (15 session) process but eventually should reach the previous Higher High. We are long with TP = 8.7500.
Target hit. Now Rising towards a Lower High/ Resistance.TP = 13.4897 hit as NOKJPY hit the former Rectangle's 13.3513 support and even broke it to test the 1W support = 13.000. A strong rebound has followed that will either peak at 13.700 (if 1W is a Channel Down, MACD = -0.114, B/BP = -0.1600) or at the 13.8900 Resistance (if 1W honors the previous Rectangle sideways, RSI = 49.542, Highs/Lows = 0). After either of those scenarios, another test of 13.3500 is expected.
Previous target hit. Approaching a 1W Higher Low. Long on supporThe last TP = 6.0866 hit and CADNOK has since rose within the long term 1W Channel Up (MACD = 0.038, Highs/Lows = 0.0111, B/BP = 0.0930) which is now pulling back towards its potential Higher Low (RSI = 53.641) near 6.27730. That is carried out within a 1D Channel Down (green channel, Highs/Lows = -0.0262). Once the low is made, we will be going long, TP = 6.500.
NOK/JPY - Short 200 PipsAs long as the 50 EMA on the 8 hour chart continues to act as resistence, we can expect NOK/JPY to fall.
It was not able to find support on top of it and thus, it may reverse back down after these few days of consolidation.
A pending order could be placed right underneaght the lows, that is at 13.2, so that you may enter right when the break down happens.
Pull back on 1D Channel Up. Long on Higher Low.EURNOK is trading on a 1D Channel Up (RSI = 57.905, MACD = 0.040, B/BP = 0.0035) that is pulling back to issue a new Higher Low. Given the neutral Highs/Lows = 0, this is close, so we will be going long with TP1 = 9.800 and TP2 = 9.8500 in extension.
