USDNOK trade ideas
DON'T WAIT FOR THE HIGHLIGHT, BE PREPARED!MULTI TIME-FRAME ANALYSIS DONE.
TRADE SHOULD ONLY BE TAKEN IF IT FITS YOUR IDEA OR PLAN.
TRADE SMART.
Proposed Long USDNOK (trend continuation)Take a look at the daily chart too. After the massive bear trend, since Sep we have been mostly bullish.
As the H4 chart shows, a retracement to 38.2% was completed and I expect the bull trend to resume. The recent high at about 9.61 should be the 1st target, with a review of price action to determine the next possible steps.
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As always, please use sound money and risk management in all your trades.
Short Sell USD/NOKWe have a short sell set up for USD/NOK as the U.S Dollars have haven demand decreases as equity markets push higher.
USD/NOK is approaching the verge of the waterfallUSD/NOK surged nearly 4.00% this week already. This was mostly fired up by the buying appetite of USD bulls. We noticed that the pair was moving in a correction direction during the last week whose results appeared this week.
But now, we see that our pair is moving very aggressively to form new highs, which triggers bears interest to sell after a bullish failure. Moving in an ascending channel after a bullish run is very overbought environment and a break of the channel is a clean sell signal. We can also see that the price stalled on the touch of the Weekly R4. I don't expect it to move higher this week, as I believe that week highs have been set. The level I look as a bearish target is set to be Weekly R1 at 190 pips below channel limit.
Good luck with your choices! :)
USDNOK five wave , potential head and shouldersThe big five waves possible finish and the fourth wave may be completed, the potential head and shoulders
buy limit:8.85
sl:8.64
tp:9.4775
risk reward ratio 1:3
Beautiful Setup for US Dollar / Norwegian KronePair has surged ~2% during the last week reaching a multi-week high and fell from it several days ago. Price seems to have bottomed below 9.00 level, from where it jumped up suddenly.
We now notice that a bullish flag is slowly being shaped and is able to break at any time, opening the gates for 9.15 and then for further bullish waves, assisted by the ambitious Dollar strength which is yet to come.
A dive in the red zone I have drawn means either that market needs more orders to shoot high or that sellers have won the medium-term game and will drive the price down, with no support anywhere close.
We stay patient while the flag hasn't completed yet so we have to see a break in order to place any trade, either to the long side or to the downside.
USD/NOK BuyDaily down trend from April appears to have ended. Price has broken above of horizontal resistance and now looks to be testing breakout area. Initial target of 9.40
USDNOK Reverses off of 'Perfect' LevelUSDNOK reversed sharply last week from the line off of the 2016 and 2018 highs. This line was precise resistance AND support in 2019. The area around last week’s low has been a major horizontal level since 2016. I also like that the 200 week average is just under the low. General upside focus is 9.87-9.98. This is the former 4th wave high (5 waves down from the March high) and 38.2% retrace of the drop.
watch for possible short setup!When USDNOK breaks below the structure we can open a nice short setup to the -0.272 fib. level!
...on our watchlist for today!
USD NOK BUY (US DOLLAR - NORWEGIAN KRONE)Hi there. Price is forming a reversal pattern to change its direction. Wait for the price to complete the pattern and watch strong price action for buy.
