USDNOK trade ideas
USDNOK Is Still Eyeing June LowsUSDNOK is sideways for the last two years that looks like a triangle within uptrend. It's an ABCDE pattern where wave E can be in play, ideally still to the lower side of a range for subwave (C) after the recent subwave (B) rally. Notice that we see price turning sharply and impulsively from the upper triangle resistance line as expected, so wave (C) is in full progress which can push the price down to 10.30 - 10.00 support zone before we will see stabilization and recovery.
USDNOK is not at the June lows yet, so we believe it's still in wave 4 correction before a continuation lower for wave 5 towards 10.30 – 10.00 zone. Ideal resistance is at 10.60 – 10.70 area.
USD/NOK 1-Hour Long Signal Based on SMA/EMA Crossover and Bull BDescription
In this idea, I want to highlight a potential long trading opportunity on the IBKR:USDNOK 1-hour chart, identified through a combination of technical indicators and thorough market analysis.
1-Hour Chart Analysis:
A signal was generated as the 50-period Simple Moving Average (SMA) crossed under the 26-period Exponential Moving Average (EMA), triggering a long entry condition. This crossover, highlighted by the yellow background on the chart, marks a potential shift in market momentum, signaling a possible bullish move.
The strategy also incorporated the Bull Bear Power indicator to confirm this signal. The indicator showed that the bear power has weakened, falling below a predefined threshold of 0.00140, which further supports the idea of a potential upward move.
Additionally, the strategy includes an ATR-based stop-loss and take-profit calculation, providing clear risk management levels for the trade. The stop-loss is set using a 1.2 ATR multiplier, while the take-profit is calculated with an 8.0 ATR multiplier, both rounded to the nearest value ending in 0 or 5 for precision.
Daily Chart Analysis:
Looking at the daily chart, we can observe that the previous day's candle left a significant shadow, indicating possible rejection of lower prices and potential buying pressure. The MACD histogram on the daily chart shows early signs of upward momentum, suggesting that the market might be gearing up for a bullish move.
Moreover, the price is currently hovering around a key Fibonacci retracement level, adding another layer of support to the bullish scenario.
Trade Details:
Entry Price: 10.5439
Stop Loss: 10.46065
Take Profit: 10.6218
USDNOK-SELL strategy 2-hourly chart Heikin AshiThe pair is under pressure and I suspect we may see low 10.50s again. It is not very oversold as yet, and daily AO is negative, and so is the 2-hourly.
Strategy SELL @ 10.6500-10.7000 and take profit @ 10.5350 for now. SL based on your risk appetite.
Norges CB keeps rates unchanged Intraday Update: The Norges central bank kept rates unchanged and as most other central banks are cutting, they may keep rates at current levels in the coming meetings which may support the NOK near term. The USDNOK is approaching some very critical daily triangle support at 10.60 and 10.35.
USDNOK nearing major triangle supportIntraday Update: FX_IDC:USDNOK has broken lower to test the 78% retracement, and below here will be long term triangle support near the 10.50's. Keep in mind the Norges CB meets on interest rates in less than 24hrs which could allow for a major test/break of this technical level.
USDNOK-SELL Strategy 3-hourly Renko chartwe have a clear negative sign on stochastic as well as RED brick suggesting we should see lower levels over time.
Strategey SELL @ 10.9750-11.0250 and take profit @ 10.6750 for now. SL above 11.0575.
USDNOK-SELL strategy Daily chart Heikin AshiThe 4-hourly charts show some upside potential, but daily chart shows we may see a correction back below 10.8500 area. Stochastic is high up and it feels turning coming days.
Strategy SELL @ 11.0675 - 11.1100 and take profit @ 10.8975 and SL above 11.1450.
USDNOK longI will be looking for another entry on USDNOK. Once market retraces to the blue line. Let's wait for nice reversal. HAPPY TRADING !!!
7. USD/NOKInitially trade seemed good. Open a short position, price actually went down but later it entered into a period of consolidation. As the previous operation, there were clear signs of reversal. Sudenly, price reversed and got stoped out on SL
USDNOK-SELL strategy 3-hourly Heikin AshiThe pair has done its move for now, and I feel based on stochastic and other indicators, the tide may turn soon. I think we will correct back to 10.7350 short-term.
Strategy SELL @ 10.8150-10.8500 and place SL above 10.9375 and profit order @ 10.7350.
Trade Signal Alert: USDNOKWe have identified a bullish trading opportunity for the USDNOK currency pair. Here are the details of the trade signal:
Direction: Buy
Enter Price: 10.8108
Take Profit: 10.85828667
Stop Loss: 10.72256667
Our prediction is based on the EASY Quantum Ai strategy, which leverages advanced algorithms and data analysis to forecast market movements. This Buy signal is supported by several key factors:
1. Technical Analysis: The USDNOK pair recently broke a significant resistance level, indicating strong upward momentum and the potential for further gains.
2. Economic Indicators: Recent economic reports suggest improving conditions in the US economy, which is likely to strengthen the USD against NOK.
3. Market Sentiment: Current market sentiment indicates a preference for USD over NOK due to geopolitical and economic uncertainties affecting Norway.
We recommend entering the trade at 10.8108 with a Take Profit target set at 10.85828667 and a Stop Loss at 10.72256667 to manage risk effectively.
Keep an eye on market developments and trade responsibly.
USDNOK Buy opportunity above the 1D MA50.The USDNOK pair has been trading within a Triangle pattern for the past 2 years (since June 2022) and right now is consolidating right below the 1D MA50 (blue trend-line) after holding the Higher Lows Zone.
Within this 2-year pattern, every time the price broke above the 1D MA50 following a bottom bounce, the new Bullish Leg was initiated. Our Target is 11.000 (just below the Lower Highs trend-line).
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USDNOK Is Looking For More Short-Term WeaknessUSDNOK is sideways for the last two years that looks like a larger triangle within uptrend. It's an ABCDE pattern where wave E can be in play as pair stops at the upper side of this contracting range.
Ideally, market is coming down for a pullback within higher degree wave E, where pair can complete the sideways price pattern. So for now, seems like there is room for more weakness within a three-wave (A)-(B)-(C) decline to the lower side of a range.
Wave (B) looks to be a bearish triangle pattern, unless it's going to be more complex, but sooner or later it can send the price lower within wave (C) of E towards to 10.30/10.00 support area.
One of the reasons why USDNOK could face more weakness is also bullish looking Crude oil, which can boost the Norwegian Krone.
USDNOK Simple Analysis/RunoverUSD weakness has fed into Scandinavian pairs alike many others.
Current channelling has brought us to preferable support for long side entries.
Exits come early similarly to the upside inline with these channels.
Simple Tech rules to study.
USDNOK-SELL Strategy 4-hourly chartThe pair has srong resistance @ 18.7250 area, and I feel we may see a sharp move towards 10.3500 area in coming days/week.
Strategy SELL current levels @ 1-6350-10.6700 and take profit first @ 10.4850 for now SL above 10.7750.
USDNOK-BUY strategy Daily chartThe pair is slowly breaking upwards, and especially we have violated GANN resistance, hence we should move towards 10.7550 area over time.
Strategy BUY @ 10.5450-10.5800 and place SL below 10.4750 and profit @ 10.7150 for now.
Technical Analysis of NOKUSD: A pressure cooker about to explodeThe weekly chart of NOKUSD reveals a descending triangle pattern, typically a bearish formation that often breaks to the downside. However, there is a notable divergence to consider: the Relative Strength Index (RSI) on the weekly timeframe is forming higher highs and higher lows, contrasting with the price, which is forming lower highs. This bullish divergence suggests that selling pressure may be waning and momentum could be shifting upwards.
Should this divergence play out, it indicates a potential breakout to the upside, with a target of 0.11. Conversely, if the price decisively breaks below the support level and sustains that move, the downside target would be 0.078. Traders should monitor these key levels closely to confirm the direction of the next significant move.
