USDNOK
Norwegian Krone is likely to continue its descent lower USD is at a level against the Krone that offers an attractive risk/reward for a long (or short NOK).
USD/NOK Looks Like Distribution on the Daily.Distribution occurs prior to a downtrend. Distribution is the process of "smart money" selling shares without significantly affecting price. Source: school.stockcharts.com
The attributes of distribution:
1) It occurs after an advance.
2) Price should form some sort of a topping pattern. E.g. a double top, rising wedge, etc.
3) Price should not be making new highs.
I think that a lot of the USD pairs are distibuting.
The US dollar to Norwegian krone is bound to gradually declineExperts are betting on a bearish trajectory for the USD/NOK exchange rate for several factors. First, currencies that aren’t closely linked to the conditions of the commodity market and crude prices are most likely the ones who can successfully and efficiently recover against the greenback. The Norwegian krone isn’t a commodity-linked currency thus raising the chances for bearish investors of the pair. Second, the safe-haven appeal for the US dollar that is also projected to allow it to be dominant for at least three more months will falter if the United States government or the Federal Reserve ramps up their support for the economy. And looking at the status of the US economy and the labor force, chances that the authorities to unleash more support gets greater. This means that the US dollar to Norwegian krone is bound to gradually decline to its resistance thanks to the news that pressuring bullish investors in sessions.
USDNOK LongIt is forming unconfirmed 123 pattern. Needs to break confirmation resistance to reach the target price.
USDNOK 4HWe've got a pretty decent trend line with a number of reactions (stars). We've reached the trend line again. Is it going to continue down (we're retesting the break) or will it bounce back up?
LONG USDNOKA possible hidden bullish divergence is spotted on the 4H.
Indicates underlying strength. Good entry or re-entry. Occurs during retracements in an uptrend. Nice to see during price retest of previous lows. “Buy the dips.”
200EMA supports price.
USD/NOK Possible LongUSD/NOK Multiple Time Frame Technical Analysis:
This seems to behave locally according to the (-- Three Drives Pattern --)
It already (-- MADE ALL THE RETESTS --) and is supposed to hit the next drive up.
-- The Price is supposed to hit the Target Level 1 within the range of 10.80 -- (-- High Risk --)
-- The Price is supposed to hit the Target Level 2 within the range of 11.10-- (-- Normal Risk --)
The Risk to reward ratio indicates a high risk because Its a little bit late to enter the trade.
Trade Wisely
Note:
- These Forecasts are Observational Forecasts, and should not be used in applying any trading strategies.
- No Hedge Funds Analysis were included in the analysis. (-- Please Consider --)
Long USDNOK based on USOIL crashUSoil crashed today
Shortly Brent will follow, and USDNOK to go up
Not much movement has happened yet, good time to enter
USDNOK Setting up for a large decline.The USD/NOK is trading at historic levels, which is why you see mostly purple and light blue lines (monthly and weekly levels).
I think that once support gets broken on USD/NOK we'll see a significant decline.
A. Light Blue: Weekly Levels (W)
B. Green: Daily Levels (D)
C. Purple: Monthly Levels and above (MO)
D. Orange: 3 day levels. (3D).
E. Red: (12 hour levels and below.)
USDNOK LONG biasThis is #USDNOK Analysis. price just created new strong daily demand Area where we can set our Set&Forget based limit orders for the future. No matter how much time price takes to come back to the projected Area we will just wait to make our trades safe and healthier. best of luck
