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
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.
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.
Previous target hit. 1D Channel Up emerged. Long.TP = 8.12285 hit as the previous Head and Shoulders pattern on 1D evolved into a Channel Up (RSI = 62.333, Highs/Lows = 0.0042, B/BP = 0.0108). The Higher Low appears to have been priced on USDNOK so we are going long with TP = 8.55 but may close at 8.50 if we see enough Resistance by the previous Higher High.
USD/NOK 1H Chart: Pressured by 55– and 100-hour SMAsAfter scoring 2018 high at the 8.50 mark, the USD/NOK exchange rate has been declining since the middle August.
The pair has been following a short-term bearish channel. This lack of direction is caused by the 55– and 100-hour SMAs which are pressuring the rate from north. At the time of this analysis, both moving averages were located at 8.3588 and 8.3809, accordingly.
It is expected that a breakout of these lines would be met with a surge in the respective scenario. Technical indicators on longer time-framers are in favour of the bullish scenario. In this case, a few-day target is the weekly PP at 8.3768. On the other hand, bears are likely to push the rate down to the weekly S2 at 8.2154.
USD/NOK 1H Chart: Bearish in medium termUSD/NOK is trading in a long-term ascending channel. The rate bounced off its upper boundary at 8.33—its highest position in 2018 - late in May.
Subsequently, the US Dollar initiated a new wave down towards the other senior channel line located circa 7.90. This bearish movement was stopped by the monthly S1, the 50.00% Fibonacci retracement and the 55– and 200-day SMAs at the 8.00 mark. This resulted in a reversal back to the upside.
It seems that the pair might be ready to breach the short-term ascending channel to the downside, thus resuming its decline until the bottom channel line in the 8.00/05 range is reached somewhere in July. A possible confirmation of this bearish scenario should be provided by the US Dollar breaching the combined support of the 55-, 100– and 200-period (4H) SMAs at 8.10.
Head and Shoulders on 4H. Long.USDNOK has tested the support zone on a potential 4H Head and Shoulers pattern (RSI = 33.821, MACD = -0.021, Highs/Lows = -0.0123). It is now in the process of forming the right shoulder. We go long: TP 8.12285.
USD/NOK 1H Chart: Pair returns to senior channelStrong upside momentum has driven the USD/NOK exchange rate since late March. The pair had appreciated 8.60% until it peaked near the 8.32 mark on Tuesday. It likewise breached the prevailing one-year channel on the same day. As a result, the US Dollar shot up to the 8.32 level and subsequently fell back to the breached senior channel.
During the past few weeks, the pair has been trading in a rising wedge pattern. It is expected that the pair remains trading in this pattern and thus edges lower within the following sessions. The pair is likely to find strong support at its bottom boundary which is reinforced by the weekly PP, the 200-hour SMA and the monthly R1 at 8.10.
Meanwhile, the pair’s overall direction within the following two weeks should be towards its ten-month high near 8.45.
USD/NOK 1H Chart: Bearish correction expectedThe US Dollar has appreciated substantially against the Norwegian Krone this week. The pair shot up 2.82% in just one session, thus moving away from the 2016/2018 low of 7.64 and confirming one more time a downward-sloping trend-line circa 7.8820.
The pair has since edged slightly lower in order to ease from the aforementioned daily surge. It is likely that the current bearish sentiment continues to prevail in the market during the following week.
A breakout of the 23.60% Fibonacci retracement, the weekly R1 and the 55-hour SMA near 7.8270 could be an early indication of this bearish scenario. The following support of significance is formed by the 100– and 200-hour SMAs near 7.60. In general, the Greenback could target the bottom trend-line and the monthly R1 in the 7.66 territory next week.
On the other hand, in case the strong resistance of the weekly R2, the monthly PP and the trend-line is breached near 7.860, the rate should push towards 8.00.
USD/NOK Dominant resistance is testedAlthough many resistance levels were passed on other US Dollar's pairs during the fundamental surge of the Buck generated testimony of the Chairman of the Federal Reserve Jerome Powell., the USD/NOK pair’s resistance has held its ground.
Namely, the resistance of the large scale pattern, which represents the pair’s decline since late 2017, has held its ground. Its upper trend line had enough power to hold. However, it was strengthened by the weekly R1 at the 7.9194 level.
Meanwhile, during the recent trading sessions a new long term pattern was spotted, which is a result of the pair bouncing off the lower trend line of a multi year pattern. To keep it short, the mentioned patterns are set to face one another in the upcoming trading sessions and a triangle pattern is likely to form and result in a break out.
USD/NOK 1H Chart: Rate trades in channel downThe US Dollar has been trading in a channel down against the Norwegian Krone since mid-November. As apparent on the chart, the Greenback has moved in neat channels within the bounds of this pattern.
After reversing from the senior channel and the 50.00% Fibo retracement at 8.0271 on February 9, the pair has since formed a new short-term channel down.
Taking all this into account, it is expected that the Greenback might continue depreciating against its Norwegian counterpart within the following trading sessions. This movement could be confined within the drawn junior channel.
A possible downside target for the following week could be the 2016/2018 high of 7.6353. The US Dollar did already reverse from this level on two separate occasions during 2018; thus, a subsequent surge is the most likely scenario.
USD/NOK 1H Chart: Pair respects senior channelThe US Dollar has made a sharp recovery against the Norwegian Krone during the past trading sessions. This strong upward movement comes after the pair bounced off the bottom boundary of a long-term descending channel circa 7.63. Given that this line was respected, the pair is likely to advance even further within the following week or two, setting the 8.05 area as a possible target.
In the short term, however, traders might see a brief correction south down to the combined support of the 100– and 200-hour SMAs and the weekly PP located at 7.71. In case this area does not hold, the US Dollar should be stopped by the channel line near 7.63.
Subsequently, the rate should accelerate and move higher, as already described previously.
USD/NOK 1H Chart: Pair consolidates near four-month lowThe US Dollar has been trading in a channel down against the Norwegian Krone since mid-October. The bottom boundary of this pattern was tested last Wednesday when the pair hit a four-month low of 7.82.
It has remained relatively stable during the past week. The Greenback re-tested the aforementioned low a few sessions later but nevertheless failed to form a distinct wave either up or down.
It is expected that the pair continues to approach the upper boundary of both channels near the 7.88 mark. The steepness of the longer-term channel demonstrate that this pattern could be breached in the nearest time. However, the Greenback should still overcome a significant resistance cluster set by the 100– and 55-hour SMAs, the weekly PP and the monthly S3 circa 7.87; the 200-hour SMA is likewise located nearby at 7.92.
A successful breakout of these levels might suggest that the upside momentum towards the 8.01 area is to persist for several sessions.
Unhappy christmas for USD, and new year's eve too ;-)A negative market pressure on USD continue to push USD to lower prices.
This is really clear on crosses with huge movement.
On USDNOK a long term market pressure of -4.8 and a short term market pressure of -6.8 is driving the prices in a continue fall, and the market did'nt find an hard rock bottom.
This analysis is based on market pressure.
On my twitter profile twitter.com you can find everyday the market pressure value for all crosses.
Have a nice trading !
USD/NOK 1H Chart: Breached long-term channelThe US Dollar has been appreciating against the Norwegian Krone in a channel up since late August.
During this period of appreciation, the pair managed to reach its six-month high of 8.4161 on December 21. After that, the bearish sentiment took over and thus allowed for a breakout of the aforementioned long-term channel earlier this week.
It is expected that the Greenback could be tended north during the following sessions; however, this upward movement might not be very significant. A possible target in this case might be the 8.2690 area, as the monthly and weekly PPs and the 200-hour SMA are located nearby.
By and large, the bearish sentiment should eventually prevail and thus push the rate lower.
USD/NOK 1H Chart: Greenback re-tests channelThe US Dollar has been appreciating against the Norwegian Krone in a channel up for the last four months. The trading range within this pattern, however, shifted upwards when the rate failed to reach the bottom channel boundary three weeks ago. The same situation occurred last week.
As apparent on the chart, the Greenback was trading between 8.2523 and 8.3509 since late November. A massive surge last week breached this range and allowed for a re-test of the upper channel boundary circa 8.39.
Technical indicators suggest that the rate is likely to either move lower or remain near 8.38 during the following day. The nearest resistance is the monthly R1 and weekly R2 circa 8.41, while significant support is set by the 100– and 100-hour SMAs and the weekly PP circa 8.31.
It is likely that the US Dollar starts weakening during the second half of this week, thus approaching the monthly PP at 8.2551.
Ready for a long risingThe USD is waking up and this cross seek higher prices.
This maybe a good entry point for the next target of a bull trend
The market pressure long term (+1.8) and short term (+5.5) give us the information that the cross is pushing up
USD/NOK 1H Chart: Rate stranded in wedgeAfter reaching the 2016/2017 low of 7.7018 on September 8, USD/NOK started a period of recovery in an ascending channel.
If looking at the current situation, the pair’s latest wave down began two weeks ago and it is gradually leading the US Dollar towards the bottom boundary of the previously-mentioned channel. This movement has been stranded in a falling wedge.
From a theoretical point of view, all indications point to a soon breakout north. Given that the pair retraced from the 50.0% Fibo, the Greenback might still push slightly lower down to the 8.09 area where the 38.2% Fibo and the weekly S1 are located. However, the rate’s subsequent movement should be to the upside.
Meanwhile, the steepness of the channel up is unlikely to hold for long now, and thus the pair could eventually break the bottom boundary of this pattern—most probably during next week. A medium-term upside target is expected to be the monthly R1 at 8.3142.
USDNOK long for month of NovemberUSDNOK broke the moving average, suggesting a potential trend change. This in tandem with October's monthly bull candle gives me enough reason to believe an up trend is about to begin.
My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0.
Each order contains a 30 pip stop loss and no take profit target.
These trades are designed to have 3 different exit strategies: 1) Stop out. 2) Manual closure. 3) End of month manual closure.
* End of month manual closure means that the month is over and trade parameters are no longer valid, therefore I will close the trades manually.
USD/NOK tests channelThe US Dollar has strengthened against the Norwegian Krone since mid-August, thus forming a channel up.
If looking at the pair’s movement during the past two weeks, a junior ascending channel could also be distinguished. The Greenback is trading near the lower boundary of this short-term pattern, suggesting that a reversal might be in sight. This assumption is likewise supported by technical oscillators that are located near the oversold territory.
A possible point of reversal might be the weekly S1 circa 7.9344. The subsequent movement is expected to be north, as no indication points to a possible breakout of the junior formation. The nearest upside target is the 200-, 100– and 55-hour SMAs and the weekly PP circa 7.9850.
However, the rate might push even higher towards the weekly R1 at 8.0404. In the medium term, it should move towards the bottom boundary of the senior pattern in the 7.90/94 territory.
Usd Nok Ugly invert SHS not every SHS pattern looks like textbook
so check out this ugly friend of a SHS at Usd Nok..you can clearly spot a transition in price movement
waiting for a neckbreak n close to long this pair
