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USD/NOK

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USDNOK trade ideas

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:
Short
by ThinkingAntsOk
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.
Short
by Pepperstone
USD/NOK Long BiasWith price holding its steady uptrend all year I'd still be looking to go long on this pair. At the moment we can see the 4HR had a nice run up on Aug 14 with price going from 8.87136 all the way to 9.03077 where we saw selling pressure come back into the market for a pull back for us to get a possible long position. Pulling the the Fib tool from Aug 14 price at 8.87136 to the top of the pull back at 9.03077 we have a nice zone between the 61.8 and 50 % to go long. Will see how this plays out when the markets open !
Long
by fxjoe_