USDNOK trade ideas
USDNOK JUNE 1-5FOLLOWING LAST WEEKS DOWNTREND
WAITING FOR RECTANGLE TO BREAK OUT OF CONSOLIDATION
4 HR FULL BEARISH CLOSURE BELOW 9.66065 CONSOLIDATION, ENTER SHORT
NOK is strengthening thanks to the optimism in the oil outputThe better than expected conditions of the oil production in Norway is helping bearish investors to rally in sessions. The downward momentum is projected to last until the first half of June and potentially drag the USD/NOK lower and lower. The Norwegian krone is strengthening thanks to the optimism in the country’s oil output and considering that the crude market is already steadying, the oil-linked currency will most likely continue its direction. Bears investors of the US dollar to Norwegian krone exchange rate are effectively pushing the 50-day moving average lower and closer the 200-day moving average. Aside from its relationship with oil prices, another factor that is supporting the krone in forex sessions is the unexpected increase in the country’s retail sales. Recently, Statistics Norway noted that the direction of spending is less on services but more on retail goods, a change in the country’s consumption pattern.
This pair has been beaten down so badlyWhen the price starts to move higher quickly, then my second target will be valid. I also have a long position on USDSEK. Either of this can be a good trade.
USD/NOK GO SHORT USD/NOK OVERALL UPTREND .I THINKING IS THIS MOMENT BEARISH MOMENT .WAIT FOR TOUCH ENTRY LINE AFTER YOU CAN GO SHORT .
USDNOK 4HUSDNOK looks to be breaking above and possibly retesting this descending trend line on the 4H. The next couple of closing 4H candles could indicate a clear direction.
USD/NOK potential upside over the next sessionsUSD/NOK could give us a long swing soon, however a further dip into the support zone cannot be ruled out. As long as we are in the support zone there should be could buying prices.
USD/NOK GO LONG USD/NOK OVERALL UPTREND .but previse days no more volatility this market.my suggestion is wait for low price reject after entry go long .
USDNOK 4HWaiting for Short entry. Needs to break most recent low.
Possibly going to test resistance 1st. Potential buy on a 1hour chart for the day, have a buy order in place just outside the chaNNEL for when it breaks.
#justmyfeels
USDNOK 4HWe have broken down below the trend line. We are currently retesting. The next 1-2 4H closes will tell you direction. Either back up above or we fall below. If we fall, we could fall pretty far to the next clear support zone.
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).
USDNOK 1D | Market Outllok- Bullish structure identified by retesting 55EMA! - Possible bullish price movement towards the next resistance 10.35 and 10.48 within the next period.
- Price bottoming at the key area!
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.
