NAS.OL going up to 404 from 279 in Nov/DecThis is my first time tech analyzing a chart. I think it will keep decreasing to 279, then it will go up again.
Norway
Go long on first sign of strengthDNB is trading in the bottom of a nice trading range. Potential for a low risk high reward long trade if price opens in the same area it closed on Friday. Stop-loss level just below support line.
Short after confirmed breakMHG has been in a strong uptrend for quite some time and now appears ready for a correction. RSI and price are diverging, signalling reduced momentum in the trend. A strong close below the trend line would signal a short. After the first resistance zone there is potential for an even larger decline.
USDNOK symmetric triangle: trade a breakTrading opportunities from a symmetric triangle, providing us with the opportunity to trade a break below or above the resistance/support.
My opinion : Further downward pressure on oil will cause the USD to strengthen against NOK (Norwegian Krone) due to Norway's economic dependancy on oil prices. This will cause a break above the triangle and hopefully a profit target to be reached.
Profit targets are green lines.
USDNOK - still some room for shortsSome fundamentals:
+ Norwegian inflation is at 3.3% (little or no room for monetary easing)
+Price of Brent recovering
+ Massive current account surplus
-Huge drop in GDP growth to 0,1%
- Deteriorating consumer sentiment
EURNOK triangleQuite a solid symmetrical triangle forming here and getting very close to the apex.
Profit targets based on previous structure. (Zoom out to see lower target structure.)
Trade a close outside the triangle.
USDNOK possible cypher formationEnter at 8.24016.
SL and TP based on structural levels and Fibonacci levels.
USDNOK trade the breakout on strong triangleVery strong symmetrical triangle formation.
6 hit points getting closer and closer as the market approaches the apex - good sign for a strong breakout.
By the upside, sell the downside.
Profit targets indicated by the horizontal green lines.
USDNOK potential bearish cypher pattern Will be looking to enter a short position at 8.84658 if the cypher pattern holds up.
Stop loss is based on previous structure as indicated by the red line.
Take profit is based on Fibonacci levels.
Unfortunately the risk/reward isn't the best I've ever seen, but I will still be looking to take this trade.
Fundamentals
Aren't any particularly exciting fundamentals to support this cypher pattern, although based on the current consolidation of crude oil (Norway's economy depends strongly on oil exports) as well as uncertainty in the US economy, an up and down move is definitely not unreasonable.
USDNOK try to catch the rest of this move downI opened this trade at the break but forgot to post - still time to profit.
Excellent structure to create profit targets and to support the break from the wedge.
Possible HS-formation in EURNOKEURNOK 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 interesting upcoming days!
Norway index OBX IS GOING TO RUSH DOWNHello Traders as someone can know i am from Norway and sometimes i am not only looking at Forex but some trades wich i can add to my personal portfolio. Norway index is not in good shape at this time. What i think about it you can read up on chart. Have a nice trading ;)
USDNOK - Post GDP ReleaseNorway's GDP readings have come in better than expected. Y/Y @ 3.9% and Q/Q @ 0.3% up from 1.1% and -0.2% respectively and both beating estimates.
On H4 charts, the retracement to 5.96074 looks like a prime target to short from targeting 5.83130 (for now).
Alternatively, wait for the resistance to be confirmed at 5.96 and sell at the most recent lows in the run up.
USDNOK - Time to shortUpdate from the previous chart for USDNOK, we see three patterns confirming the target of 5.83530,
Risks:
20/05: Norway GDP release forecast 1.34%. Prev 1.1% y/y | forecast 1.52%. Prev -0.2% q/q
22/05: Unemployment rate. Its been stable at 3.5%, so any downside reading could pose some threats to this trade.
