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US Dollar / Norwegian Krone

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USDNOK trade ideas

USDNOK: Overextended, at quarterly support...USDNOK is in an active quarterly uptrend, and now retested a good long term support level. Longs from this zone are likely a very safe proposition, problem is having a safe enough stop loss for the trade, since the time duration of the trend is very long. Price should rebound here, and if it does, it would be a huge reward to risk trade to go long with a tight stop. Alternatively, you can trade with a wider stop under 8.5234, to ride the quarterly trend, both are valid risk management approaches here. I'm choosing the former, since I want to squeeze a very high reward to risk trade if the signal works. Best of luck, Ivan Labrie.
Long
by IvanLabrie
USDNOK - New Year's reversalUSDNOK (1H) - short term bullish bias The US dollar is rallying across the board at the end of the week after being sold off at the year's end. The RSI rising back from the over-extended area came in as a sharp contrast to the price's lower lows, this bullish divergence was the first sign of a potential reversal in the making. Successive breaks above 8.7900 and 8.8200 put sellers under pressure, and the bullish MA cross was a confirmation that buyers have taken control of the price action. An extended rally is likely to reach 8.8900. Key support: 8.7900 Key resistance: 8.8900
Long
by INFINOX_Capital
USDNOK bounced from support, potential for a further rise! USDNOK bounced off 8.75474 where it could potentially rise further to 8.87299. *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.
Long
by Pepperstone
USDNOK - Bearish moodUSDNOK (1H) - short term bearish bias After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to keep the price afloat and we would expect a combination of profit-taking along with fresh buying. A dip below however could trigger an extended sell-off. Key support: 8.9200 Key resistance: 8.9700
Short
by INFINOX_Capital