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USDNOK

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.
by UnknownUnicorn890690
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.
by UnknownUnicorn890690
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.
Short
by UnknownUnicorn890690
USD/NOK - Great Opportunity To Go SHORT!Not a pair that I trade very often, but I couldn't resist to check it out anyway.. As you can see this pair is currently sitting at the 61.80% fib level on the daily chart and the next candle that farm is a very bearish hammer which is a really go signal for a potential short. BUT then again I would still keep an eye for a pontetial swing to the 78.60% before it drops, I highly doubt it but I would hate to be wrong at the same time. Best bet would be to wait for a confirmation to form before getting in. Take profit areas are some very respected resistance/support areas.
Short
by erkggz
EURUSD Getting Ready For A Bounce Higher!!Hello Traders, After the ECB interest rate decision and EURUSD falling more than 100 pips, I want to share with you my current 1/4 hour perspective. I have no doubts about it that the EURUSD is still bullish in the weekly chart and daily chart. Tomorrow I will publish a detailed analysis on the EURUSD in weekly timeframe explaining that. However, coming back to the short-term view. After breaking the resistance at 1.21475, the EURUSD accelerated the weakness today. But don’t get fooled. These moves are just another pullback to get into a possible bull market again. Why the EURUSD is bullish has a lot of implications in my view (fundamentals, Intermarket, Technical etc.). In fact a lot of Intermarket reasons. Anyway, in this analysis, I want to give you a small insight into the Intermarket analysis and why I think the EURUSD will probably turn higher soon, once it reaches the area of around 1.2021. Below the EURUSD chart, you can see the correlations coefficient indicator. Showing the correlation between the EURUSD and USDNOK. You may now think why the USDNOK. Well, there are a lot of reasons which I can’t explain here. But one reason is the correlation to each other. You can see that the indicator is indicating an overall negative correlation in time. Which basically means that when the EURUSD is rising for example in most cases the USDNOK should decline and vice versa. Obviously, we need to understand that they don’t move exactly the same but you can see for example the blue arrow in the EURUSD moving lower whereas at the same time USDNOK moved higher. Now, having a look at the USDNOK you can see that the market broke its falling trend line to the upside. However, USDNOK is currently trapped in a range between 8.05541-7.62619. The idea is that USDNOK is at the top of the range. My bias is that it will fail to break out higher and falls again and get be trapped in the mentioned range. So when I expect the USDNOK to trade lower like shown in the chart and taking into consideration that EURUSD has a negative correlation to USDNOK I need to say that the EURUSD will soon bounce higher when USDNOK goes for the pullback. And that is the view. I am expecting maybe next week the EURUSD to move higher once it reaches the 50% retracement at around 1.20217. Let’s see. Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view. Bitcoin 3.34% -
by TradeFxTrends
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.
Short
by UnknownUnicorn890690