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Usdnokshort

USDNOK to reverse from downside confirmation, potential drop! USDNOK to reverse from its downside confirmation at 8.68724 where it could potentially drop further to 8.65682. *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.
Short
by Pepperstone
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