NOK
Both targets hit. Support test ahead. Short.Both long and short targets hit on NOKSEK as the price made a two-way swing within the Rectangle's 1.09456 Resistance and 1.07445 Support. The 1W Rectangle remains valid (RSI = 56.591, STOCH = 52.647, ADX = 18.466) and we will continue applying a scalping approach, currently on a short aiming at the 1.07445 Support (TP).
USD/NOK 1H Chart: Short-term channel in sightThe US Dollar has been appreciating against the Norwegian Krone since the pair reversed from the lower boundary of a long-term ascending channel located circa 8.1000. This movement is bounded by an ascending channel.
Currently, the pair is trading near the Fibonacci 50.00% retracement at the 8.1825 mark. The exchange rate is supported by the 55-, 100– and 200-hour SMAs. Also, technical indicators flash bullish signals for the 1W time frame. Given these two facts, it is expected that the pair will continue to go upwards to the weekly R2 at 8.2500.
However, this advance might not be immediate and the pair could re-test the lower boundary of the short-term channel.
EUR/NOK 1H Chart: Downside potentialThe Norwegian Krone has been appreciating against the Euro in a short-term descending channel. This movement began on September 7 when the pair reversed from the upper boundary of a long-term descending channel.
As apparent on the chart, the currency pair is pressured by the 55– and 100-hour SMAs. Most likely that the pair will continue to go down and will aim for the support level formed by a combination of the weekly S1 and the Fibonacci 100.00% retracement located circa 9.4100.
If given support level does not hold, it is likely that the exchange rate will continue to go downside to the weekly S2 at 3.3377.
Higher Low on 1W Channel Up. Long.CHFNOK is in the process of completing a Higher Low on the 1W Channel Up (RSI = 57.467, MACD = 0.092, Highs/Lows = 0.0650, B/BP = 0.0984). This can be a lengthy (15 session) process but eventually should reach the previous Higher High. We are long with TP = 8.7500.
Target hit. Now Rising towards a Lower High/ Resistance.TP = 13.4897 hit as NOKJPY hit the former Rectangle's 13.3513 support and even broke it to test the 1W support = 13.000. A strong rebound has followed that will either peak at 13.700 (if 1W is a Channel Down, MACD = -0.114, B/BP = -0.1600) or at the 13.8900 Resistance (if 1W honors the previous Rectangle sideways, RSI = 49.542, Highs/Lows = 0). After either of those scenarios, another test of 13.3500 is expected.
Previous target hit. Approaching a 1W Higher Low. Long on supporThe last TP = 6.0866 hit and CADNOK has since rose within the long term 1W Channel Up (MACD = 0.038, Highs/Lows = 0.0111, B/BP = 0.0930) which is now pulling back towards its potential Higher Low (RSI = 53.641) near 6.27730. That is carried out within a 1D Channel Down (green channel, Highs/Lows = -0.0262). Once the low is made, we will be going long, TP = 6.500.
NOK/JPY - Short 200 PipsAs long as the 50 EMA on the 8 hour chart continues to act as resistence, we can expect NOK/JPY to fall.
It was not able to find support on top of it and thus, it may reverse back down after these few days of consolidation.
A pending order could be placed right underneaght the lows, that is at 13.2, so that you may enter right when the break down happens.
Pull back on 1D Channel Up. Long on Higher Low.EURNOK is trading on a 1D Channel Up (RSI = 57.905, MACD = 0.040, B/BP = 0.0035) that is pulling back to issue a new Higher Low. Given the neutral Highs/Lows = 0, this is close, so we will be going long with TP1 = 9.800 and TP2 = 9.8500 in extension.
Previous target hit. 1D Channel Up emerged. Long.TP = 8.12285 hit as the previous Head and Shoulders pattern on 1D evolved into a Channel Up (RSI = 62.333, Highs/Lows = 0.0042, B/BP = 0.0108). The Higher Low appears to have been priced on USDNOK so we are going long with TP = 8.55 but may close at 8.50 if we see enough Resistance by the previous Higher High.
USD/NOK 1H Chart: Pressured by 55– and 100-hour SMAsAfter scoring 2018 high at the 8.50 mark, the USD/NOK exchange rate has been declining since the middle August.
The pair has been following a short-term bearish channel. This lack of direction is caused by the 55– and 100-hour SMAs which are pressuring the rate from north. At the time of this analysis, both moving averages were located at 8.3588 and 8.3809, accordingly.
It is expected that a breakout of these lines would be met with a surge in the respective scenario. Technical indicators on longer time-framers are in favour of the bullish scenario. In this case, a few-day target is the weekly PP at 8.3768. On the other hand, bears are likely to push the rate down to the weekly S2 at 8.2154.
EUR/NOK 1H Chart: Pair shows signs of reversalThe most recent development of the EUR/NOK exchange rate is a breakout from the senior channel which occurred near 9.59 on August 16. This move has extended the pair’s three-day gain to 1.65%.
As a result, the Euro reached the upper boundary of a ten-week ascending channel at 9.68. Even though the price still continues to edge higher today, technical indicators are starting to point to a possible change in sentiment.
It is likely that a reversal south occurs soon, as the current three-day surge cannot be sustainable for long. It is likely that the pair makes a U-turn near the channel line and the 23.60% Fibonacci retracement somewhere in the 9.70 area. A possible downside target for the following sessions is the 55– and 100-period (4H) SMAs and the monthly PP at 9.50.
Rectangle Pattern on 1W. Scalp.NOKSEK is trading within a long term Rectangle on 1W (Williams = -53.421, CCI = 12.5397, Highs/Lows = 0.0000) with 1D indicating that at the moment the price is on the pivot (RSI = 51.985, ADX = 17.916) with both directions equally probable. We will be scalping within the Resistance (1.09456) and Support (1.07445) lines indicated in blue.
Target hit. Lower High made. Short continuation.TP = 10.5800 as the 1D Channel Down on GBPNOK marginally crossed the previous Lower Low. As you see it is now limited to the resisting line, making repetitive Lower Highs under this mark, hence the neutral RSI = 52.471, Highs/Lows = 0.0000. We have place a new short now with TP again = 10.5800 and if crossed extension to 10.5000.
1W Channel Down. Long-term short.EURNOK has just posted a Lower High on the long term 1W Channel Down (RSI = 48.488, MACD = -0.015, ROC = -1.366). 9.500 is an important 1D support level and will be tested shortly to confirm the new bearish leg on 1D (now on neutral RSI, Highs/Lows). We are taking this opportunity to open a medium term short with TP = 9.38806.
Target hit. Channel Down continuation. Short.The previous TP = 10.68907 was hit and as expected the 1D Channel Down on GBPNOK (RSI = 41.174, ADX = 24.685) has continued lower on a more steady pace and controlled bands (MACD = -0.023, Highs/Lows = 0, B/BP = -0.0513). We continue to short, TP = 10.5800.
Resistance rejection on long term Rectangle. Short.NOKJPY is trading within a monthly Rectangle (RSI = 51.832, ADX = 21.125, CCI = 20.9692, Highs/Lows = 0) since early February (13.3500 - 13.900). Since July 10th it has been rejected 3 times on the Resistance so a short has been added, TP = 13.4897.
meanwhile in the forgotten land of scandinavian forex ....while people are stuck and excited on the big pairs .... and losing a lot of money, the best pairs are the forgotten ones. noksek is closely monitored by the swedish and norwegian central banks, so that there is no big deviation so no big losses on your account, and the moves are repetitive like a parrot. we have reached again a situation with a parallel UBB, MM and LBB, nothing more perfect than that for a calm and without risk move on noksek. it will decrease steadily with a first corrective bounce at 1.04 (because of the first geometric blockade on a weekly zoom). just short noksek, and wait .... if the monthly candle creates an opening upward of the slope of the UBB, it will completely invalidate the move, noksek will be able to drift upward again, but you will see it coming as noksek evolves smoothly and slowly, so you will have the time to see and react before accumulating big latent losses.
EUR-NOKAn interesting graphic situation on EUR-NOK 4-hour chart. It's likely a pullback on the blue trendline before an increase in the price up to the profit area at 9.5600/9.5700. Stop loss at 8.4390/8.4400.
