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US Dollar / Norwegian Krone

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USDNOK trade ideas

USDNOK - Bullish extensionUSDNOK (4H) - short term bullish bias The US dollar achieved a new high after breaking above the major resistance level of 9.16. It seems that buyers have not jumped ship but are still committed to the rally. We can expect the price to continue its way up as long as the trend line keeps buying interests intact. The RSI has yet to show an over-bought situation, and a few hours of consolidation are likely before another bullish momentum. Key support: 9.1100 Key resistance: 9.2000
Long
by INFINOX_Capital
USDNOK - Bull trend coming to an end! Prepare for BIG sell off !We have been in a bull trend since June '19 and it's now making an Ending Diagonal, that as the name suggests, appears at the end of a trend. A potential termination point is the Fib cluster zone marked by the yellow box but it can also come to an end even at current level! A good sign of a sustained reversal will be if price breaks below the wave (2) and (4) trend line and then the dotten line from wave (2). A first target can be 9.00 followed next by previous wave support level at 8.875. If on the other hand price goes above 9.2590 , the E.D pattern gets negated because wave (3) would then be the shortest of 1,3 and 5.
Short
by ElliottWaveBelgium
USDNOK - Sell/Sell on Rally - Short-termThis is just a short-term trade. As I see weakness/overbought conditions in daily/weekly charts and a very clear RSI divergence on Daily chart, and developing on Weekly chart. However, monthly chart is still bullish/neutral. Therefore, only a short-term position seems justified to me (after next month candle, I may continue the trade) Trade is active for me. I have entered short at 9.10 Will add more shorts if it moves towards 9.15 Target is around 8.95/8.90
Short
by skyisthelimit1