USDNOK possible trend reversalMarket broke the MA35 and is coming for a retest. If it bounces back up then I will be longing the expected trend reversal.
USDNOK trade ideas
USD|NOK 4H Bullish Trajectory FX:USDNOK
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After price action rallied, creating the recent high of 9.61582, it has since then retraced respectively finding support and then breaking through our 0.382, 0.5, 0.618 levels
Currently price action seems to be finding support now again around the 0.618 level
Should price action continue to find support we can expect a bullish rally to the recent high that would mark the end of the short term retracement.
*Note that MACD still needs to shift to the bullish side on the 1H, Use that as a confirmation when forming entry
U.S. Dollar/Norwegian Krone Mark UpThe market is at the low end of the curve of where price action is currently trading.
I'm bullish on this pair, but I'll be even more bullish after there's a B.A.R. of the $9.8120. However, that may not happen for awhile unless there's some big news drop that'll help propel price to higher levels, but I would be anticipating some more bear action to assist in pushing price further down within that huge O.B that's currently underneath price.
If you look to the left of the chart within the EQ you'll notice all of those green candles which signifies potential profit margin to the downside. Price action has already moved more than 50% to the downside in correlation to the potential profit margin I just mentioned so I would wait for that zone ($8.6568-$9.1003) to be hit for any type of bullish trades.
If the bears end up dominating I would just wait for a B.A.R. of the $8.6568 level. The only issue with that is the fact that the zone is massive so if it doesn't hold you can execute certain positions within it in correlation to YOUR trading rules.
I've been recently seeing this currency pair brought up in the trading community which prompted me to do an analysis to see how it plays out. We shall see..
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DON'T WAIT FOR THE HIGHLIGHT, BE PREPARED!MULTI TIME-FRAME ANALYSIS DONE.
TRADE SHOULD ONLY BE TAKEN IF IT FITS YOUR IDEA OR PLAN.
TRADE SMART.
Proposed Long USDNOK (trend continuation)Take a look at the daily chart too. After the massive bear trend, since Sep we have been mostly bullish.
As the H4 chart shows, a retracement to 38.2% was completed and I expect the bull trend to resume. The recent high at about 9.61 should be the 1st target, with a review of price action to determine the next possible steps.
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As always, please use sound money and risk management in all your trades.
Short Sell USD/NOKWe have a short sell set up for USD/NOK as the U.S Dollars have haven demand decreases as equity markets push higher.
USD/NOK is approaching the verge of the waterfallUSD/NOK surged nearly 4.00% this week already. This was mostly fired up by the buying appetite of USD bulls. We noticed that the pair was moving in a correction direction during the last week whose results appeared this week.
But now, we see that our pair is moving very aggressively to form new highs, which triggers bears interest to sell after a bullish failure. Moving in an ascending channel after a bullish run is very overbought environment and a break of the channel is a clean sell signal. We can also see that the price stalled on the touch of the Weekly R4. I don't expect it to move higher this week, as I believe that week highs have been set. The level I look as a bearish target is set to be Weekly R1 at 190 pips below channel limit.
Good luck with your choices! :)
USDNOK five wave , potential head and shouldersThe big five waves possible finish and the fourth wave may be completed, the potential head and shoulders
buy limit:8.85
sl:8.64
tp:9.4775
risk reward ratio 1:3
Beautiful Setup for US Dollar / Norwegian KronePair has surged ~2% during the last week reaching a multi-week high and fell from it several days ago. Price seems to have bottomed below 9.00 level, from where it jumped up suddenly.
We now notice that a bullish flag is slowly being shaped and is able to break at any time, opening the gates for 9.15 and then for further bullish waves, assisted by the ambitious Dollar strength which is yet to come.
A dive in the red zone I have drawn means either that market needs more orders to shoot high or that sellers have won the medium-term game and will drive the price down, with no support anywhere close.
We stay patient while the flag hasn't completed yet so we have to see a break in order to place any trade, either to the long side or to the downside.
USD/NOK BuyDaily down trend from April appears to have ended. Price has broken above of horizontal resistance and now looks to be testing breakout area. Initial target of 9.40
USDNOK Reverses off of 'Perfect' LevelUSDNOK reversed sharply last week from the line off of the 2016 and 2018 highs. This line was precise resistance AND support in 2019. The area around last week’s low has been a major horizontal level since 2016. I also like that the 200 week average is just under the low. General upside focus is 9.87-9.98. This is the former 4th wave high (5 waves down from the March high) and 38.2% retrace of the drop.
