ACROFX

ACROFX

After last weeks drop in US macro, we see renewed short-term strenght in commodity FX, such as AUDUSD. For now we have higher low and higher high in the short term view. In this matter, move back to 0.70 area should be used to buy for a possible target of 0.73. Stop loss is below 0.6950. This should offer a good risk/reward.

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USDNOK has been in a strong uptrend so far this year. However the recent move up seems a bit strechted as the sellers did find som ground on monday with a ''doji-formation''. Furthermore, we did see another larger sell-off yesterday which confirms the possibility for a shortterm top in this pair. Stoch RSI is also on elevated levels and have a possible bearish...

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We have a negative divergence between RSI and price, as price has gone up, we have a lower high RSI. This should support that recent move is a bit extended. Furthermore, we have also reached .0764 FIB from 2014 highs, which also supports a break and a pause in the current uptrend. In that matter, we do find a counter-short position from current level should...

ACROFX

EURNOK has a possible HS-formation. Only a break and close below 8.40 will confirm this possible trade-idea. Resistance is around 8.50. Objective pricetarget if we get a break of 8.40 will be 8.15, while a stop loss should be executed if we close above 8.50. Furthermore, we are currently testing the positive trend since last bottom at 8.10 (4H chart). Will be...

ACROFX

The NOK has depreciated rapidly in the past week on the back of weaker data and falling oil prices. The market is now pricing in a roughly 50/50 chance of Norges Bank cutting its policy rate at the December meeting. All things are possible, but this seems over the top. The NOK is much weaker than Norges Bank assumed in September and banks have cut their...

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After a massive run last couple of weeks (11), we have now seen a shorter trend with lower highs and lowers lows in 4H timeframe. Currently we are testing earlier support level around 85.40 to 85.60 as resistance. If DXY rejects from current level, we might see a new low upcoming days. We believe the risk/reward is tilted on the downside for now. A possible...

ACROFX

Since July this year, the trend in EURNOK has been on the downside with lower highs and lower lows. However, the pair has managed to bounce off 8.10 level each time and is now testing short term horizontal resistance around 8.20. If break and close above this resistance (8.20), we might see 8.24/8.25 level, before recent peak just above 8.30/8.32. Furthermore,...

ACROFX

You might wonder why we are looking for a possible top in USDNOK, as the underlying trying for 2014 is with no doubt up. Based on the underlying economy in Norway and the forecast for Norges bank, the index weighted Krone should be a lot stronger than current levels. But stronger macro from US and falling oil price has reduced the demand for NOK, especially...

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The pair has now retested earlier bottom around 1.6160 and so far we have noticed a possible bounce from support level, as we see a doji and a fake breakout on the downside in 4H chart. In that matter a long entry from these levels should give us a fair risk/reward, as our target is earlier tops around 1.65, while the stop should be executed if the pair closes...

ACROFX

The current uptrend seems a bit strechted at current levels and we won't rule out a possible retracement/pullback for further contuniation of current trend, which is with no doubt up!

ACROFX

Current support level around 7.22 is under pressure. If we see a break and hold below this level, we might see a deeper pullback for another possible long-entry at 7.16 area.

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Today Norges Bank announced it will buy NOK 250mn/day in October, first time since 2000. When it comes to EURNOK, if the pair manages to break and close below earlier support level around 8.14-8.1350, we should in near future see a new retest of the lows around 8.10. The next level is 8.00. On the upside we have now establised great resistance at 8.20 and 8.30

ACROFX

Today Norges Bank announced it will buy NOK 250mn/day in October, first time since 2000. This factor should support a stronger NOK, not volumewise, but sentimentwise. Levels to watch for short term is 6.38 and 6.32/6,30. If we break this support area, we should see further strenght for NOK down to 6.20. While on the upside we have now established resistrance...

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In 4H timeframe chart, we got a doji with a follow-up candle on the downside. If this results in lower highs and lower lows, we might see a short-term top as this pair meets rather big resistrance around 85 area. But so far nothing is confirmed and this is only a possible trade idea. We are going to await for a confirmation before entering a trade.

ACROFX

After the sharp drop last week, the retracement/pullback has been rather weak in EURNOK. After todays run-up, we have now retraced only 23.6%. Furthermore, we have a possible bear-flag under development in 4H timechart. If we break this flag, we should see 8.10 as a possible stop before heading even lower end of 2014 (maybe below 8.00). Time will show!

ACROFX

After the recent peak around 6.45, the pair has lost momentum after last weeks Policy meeting in Norway. A rate-cut due 2014 is out of the question and we should expect a stronger Norwegian Krone (NOK) upcoming weeks and months. Since last weeks sell-off, the pair has today retraced 61.8% of the move down and we should see a possible turnaround from current...