False breakdown of USDNOK23 May:
Intraday Update: A possible false breakdown of the USDNOK and hold of the longer term 50% retracement at 10.59 may allow for a squeeze back to the 10.7500 level now.
USDNOK trade ideas
USD/NOK- 1D- Bullish Butterfly PatternOn Daily time frame, Bullish Butterfly Reversal Pattern is appearing.
Prior to Point C, a bearish divergence and Double top also appeared causing the Price to move in downward trend.
If Price chart makes another LL below 10.68962, above which a support level also exists and price may bounce back a bit, then SHORT trade is in order. One can take the trade deep up to 9.4 price level as well, if pattern plays perfectly.
However, I'm taking trades on safer side with risk/reward ratio: 1 and 2 for two trades respectively. My trade values are depicted on Price Chart.
USDNOK bearish wedge ahead of PPIIntraday Update: A bearish wedge break below the 10.79 level should put the 10.69 level in play which is also channel support.
USDNOK One of the best sells in the market.The USDNOK pair has formed a cyclical top on the 1D time-frame and is currently pulling back towards the 1D MA50 (blue trend-line). This level has been supporting since March 14 2024. If broken, we expect a a 2nd dip to the 1D MA200 (orange trend-line) as well and as it pierces through the (green) Ichimoku Cloud, stage a dead-cat-bounce back at its top and the 1D MA50.
That should give way to the 2nd part of the Bearish Leg towards the 2-year Higher Lows Zone. Our target is on the top of that Zone at 10.400. Take profit earlier if the 1D RSI breaks below the 30.00 oversold barrier before the price reaches 10.400.
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USDNOKOn the monthly charts we have a confirmed bearish trend. Presently, on the monthly charts, we have a bullish correction that we can trade.
On the weekly charts we have a shift in order flow confirming our bearish bias though its a long term view. We have an impulsive bearish move that has necessitated a bullish correction to clear previous disequilibrium.
On the daily charts we have a minor shift in order flow from bearish to bullish that we seek to trade.
Make That Money Signals Buy for $USDNOKMTM has printed a 30m buy signal. Currently retesting confirmation candle. 1.5RR with trade shown based on previous demand/supply zones.
USDNOK-LongI expect more upside for the pair, look the dxy for more confirmation. Theres a long term potential to the upside and a valid entry and high RR.
Bullish IdeaPrice is now oversold according to the indicators. Also seems to be a reversal with no BOS. We should see some upside
USDNOK - intraday longTrend continuation is expected after a pullback.
Watch the news some volatility is expected for the dollar.
USDNOk-Long-2024.03.25.Here is a more exotic pair than usual, technically and fundamentally looking good, as news come from usd we might see the volatility gives us the opportunity to take this trade on a good price.
USDNOK is in bullish trend in 2h time frameUSDNOK is in bullish trend in 2h time frame as it printing HH and HL..
Bearish OpportunitySeems like price has found resistance yet again at the top of the bearish trendline. 4h KC and Stoch seems to confirm a downward push.
Bearish oppertunityPrice seems to have formed a DT, Previous target to the downside was not met, so I had reentered at the top of the channel. 4h is still bearish and has some downward momentum. If my target is not met before Powell speech i will liquidate my position.
Bullish IdeaPrice seems to have found support, although overall trend is bearish on the 4h, price seems to be respecting the bullish 1h trendline. price is also sufficiently under EMA's for good entry.
USDNOK: Ascending Broadening Wedge Partial-Rise ConfirmationUSDNOK after giving what has been a very nice performance off of that Bullish Butterfly has now confirmed a Partial-Rise within the Ascending Broadening Wedge it has traded within and now sits just below the 21 and 200-day SMA. We would now expect a heightened chance of the price breaking down and hitting the measured move target down at 9.4 NOK, which so happens to align with the 0.618 Fibonacci retracement.
For reference this is the previous Bullish Setup on the USDNOK before it confirmed the Partial-Rise:
Possible sell oppertunityIt seems price has found some resistance after yesterday's CPI news. Might be forming a DT while touching the Keltner channel which in my opinion is confirmation. I have placed my target at the 50% fib as I doubt the downward momentum might not last long as we are still in an upward trend
USDNOK-SELL strategy 4 hourly chartIt went higher as expected, and if one did buy near the suggested price, that would have been a good one, or it is a good one. Now we are once again at the highs, and likely it may spill over little more upwards, so we select a SELL level again.
Strategy SELL @ 10.7575 - 10.8000 and place SL above 10.8350 and take profit @ 10.5575.
Possible LongSeems price has hit resistance and touched Keltner line. Price is also at the bottom of the bullish channel. I believe we should see a push up
USDNOK-BUY strategy 4-hourlyThe SELL strategy has worked out so far, and we may see little lower before moving back up again. The stochastic is lower and looks as if it may turn in the coming sessions.
Strategy BUY @ 10.4150-10.4350 and place SL below 10.3350. Profit order near 10.6875.
