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USDNOK

USD/NOK - POTENTIAL OF BIG MOVEIn this analysis we have a lot of strong bullish signs. I have to remind that we are in bullish MID-TERM trend and we have spotted near the bottom. It was 0.618 Fibo as good point for long. There is still open move for 0.786 Fibo but i really doubt that we could move there (it would be bottom of trade channel). Bullish signals: 0.618 Fibo retracement correction Falling Wedge (bullish) or it could remind bullish flag after big move RSI trendline broken. What to watch: A good entry would be after short-term EMA breakout up and falling wedge too. In this trade we could see a big potential move without confirmation so watch the reaction in the edge of resistant line (Falling Wedge). When the market bounce down, we could see another retrace up in the 0.786 Fibo near 8.50-8.47. Targets are SET: TP1 area -> 8.68 - 8.73 TP2 area -> 8.78 - 8.86 When the market breaks the upper trendline of Falling Wedge, so SL could be 8.56 or when the market tries to check 0.786 Fibo (8.50-8.47) SL -> 8.46. GL.
Long
by SlovakTrading
USDNOK BULLISH TRADE IDEAHi Traders, The USDNOK reversed from a weekly support level and broke out of descending trendline and resistance level. . Price seems to be making an ABC zigzag corrective pattern which is likely to attract buyers at the 38.2 Fib ratio that lined up with swing level and moving averages. . We will wait for the completion of the corrective structure and then look for buy entry once the price breaks the blue CTL. . According to Elliot Wave principle, when wave (i) is extended, wave (iii) through to (v) is often 61.8 - 78.6% relative to the size of wave (i). So the price has the potential to move up towards the 61.8 - 78.6 Fib Extension level that lined up with a key resistance as planned on the chart. . Thanks for reading! Veejahbee.
Long
by Veejahbee
USDNOK - BEARISH CONTINUATION PATTERNHi traders, The USDNOK reversed from a resistance zone and breakout below the ascending trend line and support level. . Price seems to be building a bullish retracement which is probably part of a wave 4 of a larger wave A. . Price has the potential to make a bearish bounce at our confluence level as planned on the chart which could indicate the continuation of the downtrend to the support zone. . We will wait for the completion of the corrective structure and look for a breakout of the blue counter trend line to take advantage of the pending bearish move. . Thanks for reading!
Short
by Veejahbee
USDNOK: Approaching a bottom. Strong buy opportunity.The pair has been trading within a long term 1W Channel Up (RSI = 55.524, MACD = 0.145) since last April and according to its neutral Highs/Lows (0.0000), it is near a Higher Low. Based on the Higher Highs/ Higher Lows measurements, the next Higher High is projected on a +6.50% rise at 9.0000. We are going long setting however a more modest TP at 8.82250 (practically the latest Higher High). ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
Long
by InvestingScope
POSSIBLE LONG-TERM BULLISH TRAD IDEA ON USDNOKPrice broke out of the ABC correction counter trend line which is also the neckline of a double bottom pattern. . Price has the potential to move towards the resistance level after it broken out of the correction with an impulsive wave 1-5 and retested the broken structure with an ABC zigzag pattern. . Considering that the price has broken out if the ABC zigzag CTL, we will just have to let the market decide it's move. . Best of luck on the chart!
Long
by Veejahbee