USDNOK trade ideas
#USDNOK - Next upmove could starts next #NorwegianKrone #NOKMaybe another downmove left but for the next 2 years I see an massive devaluation auf Norwegian Krone.
Norway’s soaring house prices and increasing flight demandsThe pair is expected to break down from a major support line, sending the pair lower towards its October 2018 low. Norway’s soaring house prices and increasing flight demands highlight that recovery of once the epicenter of the coronavirus pandemic, Europe. House prices between the months of June and July increased by 0.9% or 5.0% on a year-over-year basis. This was despite the fact that most European economies are still suffering from the recession. Analysts suggest that the optimism by consumers was brought by the increasing prices of crude oil in the global market. Norway’s major export product was oil and any surplus from its trade was being added to the country’s sovereign wealth fund. The increasing per capita liquidity in Norway is making the Norwegian krone a safe-haven currency investment among investors. Meanwhile, the US still relies on huge stimulus packages to keep its economy afloat at the expense of the US dollar.
USDNOK ShortLooking for a failed retest of the previous support, which has now becomed a resistance. TP is based on the 100% level of fibo extension.
USDNOKStill heading down on supported wave structure, Corona explosion in Norway last week , watch our for SEK it will have the opposite effect
USDNOK Entry 9.07043 | Watch ListWait for the daily candle to close above price level 9.07043. Enter on a retest at price level 9.07043.
USD/NOKTime to go long USDNOK.
Playing fib levels up.
Bullish divergence on RSI.
And hitting long term resistance on the higher timeframes.
USDNOK still struggling with bearishThe recent rebound on strong support was promising for a reversal trend, but it is very tough. I still see a stronger Short position in a few days ahead.
OANDA:USDNOK
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Disclaimer:
This information is for educational purposes and is not an investment recommendation nor to be representative of professional expertise. This analysis used herein is for illustration purposes only. This personal opinion should not be considered specific investment advice. I am not responsible for any trades, and individuals are solely responsible for any live trades placed in their own personal accounts.
