USDNOK trade ideas
USD/NOK will fail to break out from two major resistance linesThe pair will fail to break out from two (2) major resistance lines, sending the pair lower towards its 2020 low. The Federal Reserve holds onto its current benchmark interest rate of 0.25%. This was following the selling pressure by investors and traders on the US dollar in the previous weeks. Apparently, investors felt that the record-breaking $6 trillion economic aid by the central government and the central bank will scratch the value of the greenback on the medium-term. Aside from that, inventories of oil surged in the first week of June. Also, jobless claims are still way higher than the combined jobless claims during the 2008 Global Financial Crisis. Meanwhile, Norway is leading among the fastest recovering countries in Europe. Expectations for the full fiscal year GDP was down to 3.9% from 5.5% expected in April. Norway is seen by analysts as one of the most liquid countries in the world with its sovereign wealth fund at its disposal.
USDNOK SHORTMY ENTRY ON USDNOK
Entry: 9.77
Stop Loss: 10.1
Take Profit: 8.75
Risk / Reward: 10
Considering taking profit at 9.2 if Fib resistance holds.
Then i will be looking for a new short entry at:
Entry: 9.56
Stop Loss: 9.83
Take Profit: 8.75
Risk / Reward: 3
I'm focusing on the USD / NOK pair as NOK is heavily affected by oil prices, which are increasing.
The Norwegian government do not print new money, as they use their oil fund money to get through the crisis.
The fed are printing a lot of USD.
Norwegian Government are buying 2 billion NOK per day for a long period of time.
USDNOK is taking the last breath before the uptrend startson DAILY: USDNOK is approaching a demand area in red so we will be looking for objective buy setups on lower timeframes.
on M30: USDNOK is trading inside an objective channel in orange so we are waiting for a momentum candle close above the last swing that forms around our upper orange trendline to buy this pair.
we also have a regular bullish divergence on MACD adding more confluence to our buy setup.
meanwhile, until the buy setup is activated, USDNOK would be overall bearish.
USD/NOK MULTI-TIMEFRAME ANALYSIS Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
USDNOK 1DWe had to back out to the 1D to get a more clear picture. We have an ascending trend line with numerous reactions. We have come down to that point as well as being oversold on the RSI. If this dips below, I’d want to see it come back to test before heading further down. Or, it could easily reverse to head back up.
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.
