USDNOK reversed from resistance, potential drop!
USDNOK reversed off its resistance at 9.01000 where it could potentially drop further to 8.80785.
*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.
USDNOK trade ideas
USDNOK potential reversal!
USDNOK expected to rise up to 1st resistance at 9.01000 where it could potentially react off and drop down to 1st support at 8.80785.
*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.
USDNOK approaching resistance, look out for potential reversal!
USDNOK is approaching its resistance at 9.01000 where it is could reverse down to its support at 8.80785.
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USDNOK potential shorthere we see that price is making a potential bearish ABC correction of a bearish flag pattern in game. Where we wait for the completion and a break of the flag pattern to go short.
PS: This is just a market perspective and there's no actual certainty, trade at your own risk. Thank you
Trade Idea + Top and Bottom Analysis on USDNOK by ThinkingAntsOkUse this as an Idea to develop your own setup
Main Items we see on the 4HS Chart:
a)Price is on Maximum Historical Highs, this is an important Resistance Zone (check Weekly chart)
b)MACD divergence, this is a clear signal of the weakness of the current bullish movement
c)The Main Ascending trendline is broken and the price is making a pullback over that trendline
d)Currently, we can see a Wedge pattern structure, this type of formations are reversal structures
e)On the chart we have set Entry/Stop/Take Profit, this configuration gives a really good Risk Reward Ratio, Higher than 2:1 with a really good Stop
Multy timeframe analysis
Weekly Chart:
Daily Chart:
USDNOK reversed from resistance, potential drop!
USDNOK reversed off its resistance at 98.08 where it could potentially drop further to 97.27.
*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.