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NOK

USD/NOK 1H Chart: Channel DownUSD/NOK is currently trading in a short-term channel down. The given patter was formed when the US Dollar lost value against the Norwegian Krone within the last week, thus resulting in a breakout of a more senior channel. The rate halted at a two-month low of 7.7276 and has since recovered minor loses. Even though daily technical indicators flash bearish signals, the rate is expected to appreciate until the upper channel boundary near the 7.80 mark prior to resuming its downward momentum. The upper channel line roughly matches the 55-hour SMA and the weekly PP circa 7.81—a level that could eventually reverse the US Dollar to the downside. The fall may be limited by the weekly and monthly S1s in the 7.67/68 area.
Long
by UnknownUnicorn890690
USD/NOK 1H Chart: TriangleThe US Dollar was depreciating against the Norwegian Krone for several weeks when this momentum downwards allayed, thus resulting in the formation of a descending triangle. The lowest point of the fall, t.i., the 7.7571 mark, is likewise the 2016/2017 low. The pair was also trading in a symmetrical triangle which was breached to the upside last week. The Greenback has not yet made a retracement from this junior triangle; thus, there is still some downside potential that could be realised in the nearest hours. Taking into account the slight up-trend (which was formed by the lower boundary of the junior triangle), the rate might halt at this line near the 7.8800 mark and reverse to the upside.
by UnknownUnicorn890690
1
Big move for GBPNOK this month?Monthly candle analysis suggests that this market may move lower this month. This is due to how price behaved around the 5 EMA in July as well as economic uncertainty keeping GBP weak. This pair is now on my watch list for the month of August. I'll be watching the daily time frame for short signals. Once I get a signal on the daily, I'll move down to the 15 minute chart and try and catch the high of the day during London. My goal is to "scalp" this month's potential movement, booking pips on the way down.
Short
by BACapitalManagement
USD/NOK changes in favour of bullsThe US Dollar has appreciated substantially against the Norwegian Krone, jumping more than 80% within the last eight years. The ultimate high was reached in January 2016 when the pair managed to push up to the 8.9682 mark. Subsequently, the Greenback traded lower and entered a long-term consolidation period that confined the price in the 8.8000/8.0000 territory. However, the rate’s slight steepness downwards resulted in the formation of a falling wedge that has already provided three confirmations on each side. Currently, the rate has reached the bottom boundary of the wedge pattern and is flashing some strong signals to a possible appreciation within the following months. Starting from technical oscillators located in the strongly oversold area and MACD being at an historical low, ending with the 23.6% Fibonacci retracement and a Gann period line (drawn from 8.9682) situated near the current price level. It should be noted that the former taken from the ultimate low to high (at 4.9585 and 8.9682, respectively) has worked effectively at identifying possible areas of reversal. Even though trend indicators are still demonstrating the prevalence of a relatively strong down-trend, it is likely that the rate has not simply recovered from the latest monthly plunge of almost 8%. In terms of a possible upside target, the US Dollar may shoot up as high as the 8.6000 mark where an intersection of the upper wedge boundary and a Gann period line is located. Moreover, the 55-, 100- and 200-day SMAs are likely to be situated in the same territory at the time. Moving on to the hourly chart, it is apparent that the USD/NOK exchange rate is trading in a channel down in force since early July. The rate failed to hit the bottom wedge boundary and thus reversed in the middle of the pattern. In case the rate manages to reach the upper channel line, it may function as a strong signal that a breakout to the upside may be due. By and large, daily technical indicators were rather clear in terms of the rate’s long-term appreciation; thus, the senior channel down is expected to be breached within the upcoming trading days. The price moving above the 100- and 200-hour SMAs may function as the necessary confirmation that this upward momentum is not a temporary correction, but a start of an intermediate up-trend.
Long
by UnknownUnicorn890690
NOKUSD vs Crude Oil - will this divergence compress soon?Norwegian Krone is highly correlated to Crude Oil futures (front month), but over the last year it appears to diverge. NOK/USD has continued to slide while Crude stabilised. This could be due to strengthening Dollar, and the low oil prices indicating weaker future economic growth. The blue trend line marks multi-year highs. With prices touching this trend, combined with a relative underperformance of NOK/USD to Crude, this could see NOK/USD break higher, and soon. An interesting pair to watch no less, particularly when there is divergence as seen at the end of 2017, which provides an attractive spread trade of Long NOK/USD Short Crude.
Long
by MVedra
EUR/NOK 1H Chart: Channel DownThe European common currency is trading in a narrow channel down against the Norwegian Krone. The given pattern was formed after the rate failed to reach the upper boundary of a rising wedge. Nevertheless, the price has altered its direction, as apparent from its failure to reach the upper channel boundary. The rate plunged mid-session, but was supported by the monthly S2 at 9.3007. Thus, the upcoming hours should indicate about its future direction. Technical indicators are generally bearish, suggesting that a breakout is likely to occur to the downside. This scenario may realise in case the aforementioned S1 is breached. The nearest resistance is formed by the weekly S1 at 9.3329, while the 55-hour SMA circa 9.3800 might be considered a more significant upside barrier.
Short
by UnknownUnicorn890690
AUDNOK potential bullish gartley setup: -elliot wave theory (corrective abc move after 5-wave impulse usually has support around the start of wave 4) -stop loss fib confluence --> 0.382 of trading range and 0.13 extension off wave 4 to 5 -harmonic pattern -fib confluence above target 1 --> t1 If the pattern is completed i will; -look for entry at 6.36 given confirmation -set stops below 6.32 -take profits at 6.42 or reduce position and roll stops to break-even and look for extended targets --> if after entry pattern is invalidated then I will be looking to close on a pullback disclaimer - trade at your own risk, this is simply like my opinion, man.
Long
by Ldog_McG
GBP/NOKTechnical: - The Pair has found resistance at the 61.8 Daily Fib (Price: 11.224) and slight support/testing the 38.2% Weekly Fib (Price: 10.989). o Looks like it will break that support. - Looking to open short after strong daily close under the 38.2 Fib and Enter a moderate Short o For active traders, Stack.1 will be a close below the 50.0% Daily Fib (Price: 10.90) Fundamental - GBP: CPI (YoY) release Tuesday, 16/5/17 - GBP: Average Earning Index + Bonus (Wednesday, 17/5/17) - GBP: Unemployment Rate (Wednesday, 17/5/17) - GBP: Retail Sales (MoM) (Thursday, 18/5/17) Announcement wise the GBP will lead the pack with some core economic data coming out which will definitely test those support levels.
Short
by STIADAYSOFPAST
EU Losing MomentumEU have had a good run lately, but it seems over, for now at least. EURNOK is a bit special to me. Won a lot, lost a bit, yet, I keep fixating on it because of the large swings and very clear formations it makes. Finally it has come to a point when it is either breaking out short or consolidating. Looking at the past six days, it couldn't make new tops, it's sliding downwards. To add on that, short-term MACD, RSI and mid-term Stochastic seems to agree on most charts, that it's going downwards.
Short
by chastic
1