USDNOK trade ideas
USDNOK this pair is testing monthly support. waiting for the opportunity to be right for long position
Possible harmonic pattern BATThe harmonic pattern was almost fully formed, which is reaching the support formed in December 2019, I would expect a good bullish candle as an entry point after a bounce in the support zone. If you liked this idea, please like or comment, thanks.
FIRST TP 8.8026
SECOND TP 8.9740
USDNOK READY FOR LAUNCH!Hello traders,
I hope you are all doing great!
The last week finished in deep green territory for us (The Greek Trader community) above 500 pips profit and we are doing the same on this one!
The trade set up we are looking on is the USDNOK and let us tell you what our analysis is showing us:
Technical Observations
1.We have price reaching a daily-weekly and a monthly zone at 8.78-8.80 level.
2.It's a psychological round number!
3.We have with bullish MACD divergence.
4.We have a double top pattern in the daily timeframe and we have reached the targets of the extensions.
5.We have a Fib extension of 2.618 from the last pullback.
6.We have also 5 waves completed on the 4Hour timeframe.
Possible long Trade
ENTRY at 8.8110
STOP LOSS at 8.7658
TP at 8.99340-9.0 LEVEL
RISK/REWARD 4.03
THANK YOU ALL FOR SUPPORT!!
KEEP FOLLOWING AND SUPPORTING MEANS A LOT TO OUR ME!
Happy profits everyone!!
THE GREEK TRADER
USDNOK video top-down AnalysisHello everyone, if you like the idea, do not forget to support with a like and follow.
Here is the top-down analysis for USDNOK, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
USD/NOK long ideaThe USD/NOK chart has formed a double top pattern, fell to the nearest support and has now the possibility of bouncing from there back to the top again, just waiting for a confirmation in the next few days.
USDNOK!We see a highly likely trade.
We would only take the lowest risk entry.
Trade with care use a stop loss.
USDNOK bearish scenario:USDNOK bearish scenario:
In this pair we have technical figure Descending Triangle. The Descending Triangle has broken through the support line at 24/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 8.8627. Our stop loss order should be placed at 9.0861 if we decide to enter this position.
Fundamentals:
- Following the overnight intraday volatile swings, the pair managed to regain positive traction on Tuesday and was supported by the emergence of some fresh selling around the US dollar. The formal go-ahead for the US President-elect Joe Biden to begin his White House transition cleared the uncertainty on the US political front. This, along with the optimism over a potential COVID-19 vaccine, remained supportive of the upbeat market mood and weighed on the greenback's relative safe-haven status.
USDNOK LONG BY DELOREAN SHIFTLONG POSITION BY DELOREAN SHIFT
Delorean is a strategy developed by Vector King Tyrone Foster.
TP1: 8.92319
TP2: 8.94510
SL: 8.87643
USD/NOK SELL (Oil)We have a sell set up for the USD/NOK as higher oil prices support the commodity-linked Norwegian Krone.
We look at entry price, stop loss strategies using volatility analysis.
USDNOK Wave C Higher Soon?An Elliott case can be made for a strong USDNOK rally to get underway soon. To review, the decline from the March high was in 5 waves (textbook by the way). Since the September low, we’ve had a leg up and a leg down…waves A and B of a proposed 3 wave correction. As such, wave C is due to get underway and end above the September high of 9.6158. Reversal evidence is needed prior to entry. Visit scandex.com for more updates.
USD NOK BUY (US DOLLAR - NORWEGIAN KRONE)Hi there. Price is forming a reversal pattern to change its direction. Watch strong price action at the current levels for buy.
Norway's Q2 to Q3 ratioThe pair will continue to move lower in the following days towards its October 2018 low. Norway has the highest Q2 to Q3 ratio among countries in Europe. The country managed to expand by 4.6% in the third quarter, almost completely recouping the 4.7% contraction in the second quarter. In addition to this, the country had a trade surplus of $2.7 billion in October compared to the -$8.0 billion deficit back in September. Investors’ confidence in Norway is also expected to boost the krone. The optimism was due to the record-breaking increase of the country’s sovereign wealth fund at $1.2 trillion. The increase in SWF was due to the recent tech rally in the US on which the oil fund has a substantial interest. Globally, the country owns 1.3% of global stocks. Also, the increase in the pension fund translates to higher liquidity, which could keep the economy and its currency afloat. In fact, the withdrawal made in May on the fund was exceeded by its capital gains.
