NOK Uptrend Breakdown + August Bullish for Oil

The USD/NOK pair recently finished the upward move it began in mid May, which we previously traded successfully. The pair has now executed a bearish crossover and looks to retest lower levels such as 8.45 or even resume the prior secular downtrend.

August is historically a bullish month for petroleum prices, which directly influence the NOK, so we should have a tailwind at our back. www.fxstreet.com/ana...-dollar-202004071800

Trade active:

8.81 Short