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USD/NOK

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USDNOK trade ideas

Technical Analysis of NOKUSD: A pressure cooker about to explodeThe weekly chart of NOKUSD reveals a descending triangle pattern, typically a bearish formation that often breaks to the downside. However, there is a notable divergence to consider: the Relative Strength Index (RSI) on the weekly timeframe is forming higher highs and higher lows, contrasting with the price, which is forming lower highs. This bullish divergence suggests that selling pressure may be waning and momentum could be shifting upwards. Should this divergence play out, it indicates a potential breakout to the upside, with a target of 0.11. Conversely, if the price decisively breaks below the support level and sustains that move, the downside target would be 0.078. Traders should monitor these key levels closely to confirm the direction of the next significant move.
by mohsen2sharif
1
USD/NOK- 1D- Bullish Butterfly PatternOn Daily time frame, Bullish Butterfly Reversal Pattern is appearing. Prior to Point C, a bearish divergence and Double top also appeared causing the Price to move in downward trend. If Price chart makes another LL below 10.68962, above which a support level also exists and price may bounce back a bit, then SHORT trade is in order. One can take the trade deep up to 9.4 price level as well, if pattern plays perfectly. However, I'm taking trades on safer side with risk/reward ratio: 1 and 2 for two trades respectively. My trade values are depicted on Price Chart.
Short
by Golden_Spur
USDNOK One of the best sells in the market.The USDNOK pair has formed a cyclical top on the 1D time-frame and is currently pulling back towards the 1D MA50 (blue trend-line). This level has been supporting since March 14 2024. If broken, we expect a a 2nd dip to the 1D MA200 (orange trend-line) as well and as it pierces through the (green) Ichimoku Cloud, stage a dead-cat-bounce back at its top and the 1D MA50. That should give way to the 2nd part of the Bearish Leg towards the 2-year Higher Lows Zone. Our target is on the top of that Zone at 10.400. Take profit earlier if the 1D RSI breaks below the 30.00 oversold barrier before the price reaches 10.400. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
USDNOK: Ascending Broadening Wedge Partial-Rise ConfirmationUSDNOK after giving what has been a very nice performance off of that Bullish Butterfly has now confirmed a Partial-Rise within the Ascending Broadening Wedge it has traded within and now sits just below the 21 and 200-day SMA. We would now expect a heightened chance of the price breaking down and hitting the measured move target down at 9.4 NOK, which so happens to align with the 0.618 Fibonacci retracement. For reference this is the previous Bullish Setup on the USDNOK before it confirmed the Partial-Rise:
Short
by RizeSenpai