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USDNOK trade ideas

Elliott Wave Analysis: USDNOK Is Unfolding Three-Wave CorrectionHello traders! Today we will talk about USDNOK pair, its price action from technical point of view and wave structure from Elliott Wave perspective, as we see quite clear pattern. USDNOK made a five-wave bullish impulse from the lows, ideally as part of first leg (A), which has been followed by a three-wave A-B-C setback in wave (B). Well, now that is breaking back above channel resistance line, seems like wave (C) is already in progress, which can push the price up to 9-10 resistance area before bears show up again. So, be aware of more upside in upcoming days/weeks, just be aware of short-term intraday pullbacks. Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Long
by ew-forecast
3
USDNOK looks high vs. crude oilIf you are bullish crude, a good way to express it right now is via short USDNOK. Following the VAR shock in early November, hedge funds have been forced to reduce popular positions (including NOK, which was a favored reflation trade). I think the VAR shock pain is mostly done and USDNOK and EURNOK should revert back towards the lows. Both pairs look around 1% too high to me based on simple fair value vs. oil. S&P 500 and gold at the highs add to the logic. bd This is for your information only. Not trading advice. Trade your own view at your own risk.
Short
by brentdonnelly_spectramarkets
9
USDNOK Found Support at 8.7 and Long Target at 8.9Trend Analysis The main view of this trade idea is on the 2-Hour. The fx cross USDNOK appears to have found support around the 8.7 price level, as the countertrend move in the currency appears to have ended. This produces an opportunity to go long USDNOK with initial resistance observed around 8.9, which can be an initial target for the fx cross. Technical Indicators The premise is based on the RSI emerging from oversold levels and currently near the 50 level at the time of publishing. Also, there is a positive crossover on the KST. Despite the fx cross being below its medium-term MA (75-SMA), USDNOK is above its fractal MA and testing its short-term MA (25-SMA). Recommendation The recommendation will be to go long at market. Stop loss will be set around the 8.7 price level and a target of 8.9. This produces a risk-reward ratio of 1.3. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDNOK.
Long
by Ceddy86