NOK has been weak compared with SEK for a while now. we might have a change in scandies relative strenght on the way.
For the past 6 months the pair has been correcting on the Weekly/Monthly chart. So far it made a 3 wave correction, and i am expecting an impulse up to the 0.236 Fib. Will see how the price reacts there, but there are 2 scenarios: a. we break the corrective structure and go up, or b. we will have another move down for a 5 wave correction. Either way, its very...
Let's see if they how they move together.
NOKSEK running on the upper side of a daily channel and RSI show some divergences on H1 and H4. I'd short it at 1.03 with a SL at 1.01382 and TP at 1,015 A basic NOK index shows that it reaches a Weekly Fibo retr. but the risk factor is the fundamental data about NOK released some days ago. Basic NOK index
SEKNOK is offering an interesting setup in the weekly chart. I'm short, looking to benefit from the positive carry of this pair, and also the topping pattern on chart. I'd reccomend adding to it once we're 1 atr in the money after entry. Currently, we have a valid time at mode sell signal on chart, where the mode nicely matches the previous sharp rally's top....