$USDNOK - Now we wait...$USDNOK - Now we wait...
Another week for us traders to take advantage of
Excellent set up for usdnok - now we wait for a break to either direction we do have key fundamental data this week. Will Powell be as before dovish or will he hawkish as well as that softer cpi coming our way expected and then taking into consideration the technical view of usdnok it's not bad R/R either direction.
Trade Journal
Usdnokbreakout
USDNOK – bearish continuation …31 May, 2021There is a history of ranging before breaking down in this pair. See how it was ranging between 8.6450 and 8.3800 for several weeks before it broke below. Now we have something similar and despite multiple attempts during the past 6 weeks, this pair has been unable to close above 8.3800. This pair has clearly been on a strong bearish trend since Nov. and I don’t have any reason to think that this will change any time soon.
I am looking to find an entry at/close to 8.3800 with my stop above the recent high. My target will be above the next s/r level located at 8.1800. If this plays out the way I am anticipating, this could be a nice +2.50R opportunity.
As always, watching the price action on a lower time frame before committing to a trade is advisable.
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USDNOK potential reversal!
USDNOK expected to rise up to 1st resistance at 9.03979 where it could potentially react off and drop down to 1st support at 8.93861.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
USDNOK reversed from resistance, potential drop!
USDNOK reversed off its resistance at 8.92350 where it could potentially drop further to 8.75474.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
USDNOK reversed from resistance, potential drop!
USDNOK reversed off its resistance at 8.92350 where it could potentially drop further to 8.75474.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
USDNOK approaching resistance, look out for potential reversal!
USDNOK is approaching its resistance at 8.92350 where it is could reverse down to its support at 8.75474.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDNOK bounced from support, potential for a further rise!
USDNOK bounced off 8.75474 where it could potentially rise further to 8.87299.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
USDNOK approaching support, potential for a bounce!
USDNOK is expected to drop to 1st support at 8.98800 where it could potentially react off and up to 1st resistance at 9.20120.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.