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EURNOK

EUR/NOK breaks major support 9.2570, good to go short on ralliesNorway's core inflation surged to record highs in July, dampening Norges Bank’s rate cut speculation. The Krone has surged after inflation data release. EUR/NOK hit multi-week lows at 9.2094. The pair has broken major trendline support at 9.2570 on the daily charts, we see scope for further downside. 50-DMA at 9.3507 is major resistance on the upside, while 9.1970 is next major support on the flipside. Good to go short on rallies around 9.2500, SL: 9.3510, TP: 9.1970/ 9.1550/ 9.1375
Short
by FxWirePro
UKOIL - Possible short trade setupWe have recently seen a nice rebound in UKOIL after the massive downturn due this summer from 50 area. As for now the price as has retraced around 61,8% from consolidation high around mid 48 area, which also acts as horizontal resistance around 46 area. Short term, we should see some support around 43,50. If this level fails, we could very likely retest recent lows around 41 area. In that matter, trend is your friend and a possbile short trade should be nice. Trade setup: Short at current levels (43-44 area) with 1/3 of desired size. Rest if we rebound up to 45,50-46. Stop loss if the price closes above 46. Target should be mid 30's.
FX:UKOILShort
by ACROFX
EURNOK - possible long trade EURNOK has fallen to great support just above 9,20 area, including horizontal support and a long trendline since the bottom since april/may this year. For now, we might have seen a whipsaw of possible longs, as the price was below trend support. If the price manage to go above the trend and close higher than current level, we might see a possible rebound. Long trade setup: Entry around 9,23-9,25. Stop if we close below 9,21 on a daily basis. target is set to 9,40.
Long
by ACROFX
Comeback for EURNOK?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 mortgage rates. On the other hand, global interest rates have fallen and growth has been slightly weaker than expected. On balance, though, Norges Bank would need to revise down its growth projections for mainland GDP next year from 2.25% in September towards 1% for current market expectations to be justified and we think that is really pushing it. With inflation close to target, house prices rising and unemployment largely unchanged, it also seems unlikely that Norges Bank will be proactive and cut interest rates in anticipation. The slide in the NOK therefore seems to be an overreaction. Trading Idea: Short on bounces up against 8.48-8.55 with a target price of 8,15. Stop loss if we close above 8.55 on weekly timeframe.
Short
by ACROFX