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Norwegian Krone/US Dollar

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NOKUSD trade ideas

USDNOK - Bearish moodUSDNOK (1H) - short term bearish bias After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to keep the price afloat and we would expect a combination of profit-taking along with fresh buying. A dip below however could trigger an extended sell-off. Key support: 8.9200 Key resistance: 8.9700
Short
by INFINOX_Capital
USDNOK - Under pressureUSDNOK (1H) - short term bearish bias The US dollar had been going sideways between 9.0700 and 9.2200 during the November consolidation. As the pair made a U-turn at the daily resistance, we can expect further weakness as a result of profit-taking from range-bound traders. The break of the key support level at 9.1600 put the greenback under increasing pressure as fresh sellers start to join the battering. The area between the 20 and 30-hour averages could see heightened volume before the next bearish movement. Key support: 9.1280 Key resistance: 9.1770
Short
by INFINOX_Capital
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