USDNOK - Rejection ResistanceWe rejected from the upper trendline of the rising channel given on the chart. If we fail to break resistance, price might fall back to the lower trendline of the channel.
NOKUSD trade ideas
usdnok 26th febi got this ascending triangle close to a trend line on the daily chart... im expecting a drop... let me know what u think please :p
USDNOK analysisNOKUSD and AUDUSD are negatively correlated to one another. NOKUSD broke a recent 1 hour support and support becomes resistance. A retest of the resistance zone showing signs of bearish pressure will activate a sell. Stop loss about the previous 4 hour candle. Take profits at 9.19556 and 8.99136.
Potential Bearish Movement on USDNOKPrice has been made a 5-impulsive-wave towards the daily resistance zone with ending diagonal pattern. Also, it has been shown a reversal as well as a strong divergence. By breaking the rising wedge downward, it will confirm that it has been started a corrective structure for the impulsive wave. Shorting the pair to the previous support zone will be a good idea in case of confirmation.
Pending shortFIB 161.80 extension then we will short it. Until it reaches the high, we need to be patient and go for a great short.
USD/NOK to 10.0 over coming 12-18 monthsClean looking structure on USD/NOK suggests we are early stages of wave 5 higher to around 10.0 over coming 12-18 months where measured targets and big round number comes in to play. This fits with fundamental view of Oil returning to $25 over similar time frame.
After that we could have the much longer term time frame (5-10 years) of USD collapse.
Short USDNOKPrice is moving down with a potential target at 9.21483 level. If price breaks below the 9.19676 level, the next potential target would be to test the 9.17281 level.
Short Position on USDNOK according to the previous analysisFinally, price has been broken the daily structure after making a triple top as we expected according to the previous analysis. Right now price is correcting the previous bearish movement. We are waiting for breakout of the hourly corrective structure to enter the short position to the previous daily support zone as well as 1.61 of Fibo level.
Will update the idea in case of breakout.
USDNOK Bearish??USDNOK potential bearish. Price making double TOP.
Next target 1 / Target 2
#silverpips
