Well it may dip as well, but the situation for NOK is a lot harder than for SEK. The reason is simple: further drop in Oil Price. As Norway is Europe Oil prodicer country and its economy is really dependent on Oil prices, for EURNOK to be able to come lower, Oil Price should show some signs of correction from the heavily oversold levels. Daily: Consolidation...
Weekly chart here The impulse is green, price rejected value and there is nothing bearish on the weekly chart. It is a good time to place a bet on the long side. I entered long 2 roughly at the price on chart.
Norwegian krone sold off heavyly after Norges Bank decided to cut rates by 0,25% to 1,25%. It was fairly suprising move but weaker oil is weighing on Norwegian economy and it seems that the central bank does not want to take any unnecessary risks. Most likely, the highs around 9.13 will not survive and we'll see at least a spike to take out some stops. Capital...
With Oil price consolidating a bit Norwegian Krona stopped falling. Since NOK is heavily exposed to Oil, any bullish Oil PA will push the NOK up. $Statoil being the Norwegian largest oil company has a share of over 22% in the Norway stock index OBX. OBX is declining, Statoil shares shows a little recovery, so being long on NOK makes sense from the fundamental standpoint.
This pair has been a bit tricky recently. In fact we can clearly see it is not trending at moment. Daily: Pull back after the sharp spike, followed by a wider range top consolidation. In terms of Ichimoku it has becoming neutral as Future Kumo starts overshade Price and Chikou Span loosing open space, getting close to Price candles again. MACD is bearish, but DMI...
Sideaway below Kumo and 100 WMA. Next bearish sign would be a Chikou Span cross below Kumo. Last candle refuses Kijun Sen again, andif closes lower, then it can be a bearish continuation signal. 8,43 should be cleared, then bearish momentum can acdelerate.
EURNOK has a possible HS-formation. Only a break and close below 8.40 will confirm this possible trade-idea. Resistance is around 8.50. Objective pricetarget if we get a break of 8.40 will be 8.15, while a stop loss should be executed if we close above 8.50. Furthermore, we are currently testing the positive trend since last bottom at 8.10 (4H chart). Will be...
Now we have a firming sell signal. After testing the Kijun Sen and the Kumo we have a nice bearish candle, and the trend may break finally. Tgt is 8,2950-8,3000 The other reason to put on this chart is to show some simple new script I placed on ROC indicator. Sometimes I find Slow Stoch less reliable and giving some false or confusing signals on the 4 Hrs time...
The NOK has depreciated rapidly in the past week on the back of weaker data and falling oil prices. The market is now pricing in a roughly 50/50 chance of Norges Bank cutting its policy rate at the December meeting. All things are possible, but this seems over the top. The NOK is much weaker than Norges Bank assumed in September and banks have cut their...
Despite all the very strong fundamentals, NOK has been beaten badly during last few weeks... just because some considered this pair as a perfect proxy for collapsing Oil. Well, despite Norway has its major income from Oil production and export, I don't think it was so reasonable to hit this ccy that much, while for example CAD was rather stable. Weekly (right...
The weekly shows a very bearish formation at 8.5. The impulse is still green, but using the daily, I would say it's time to short Now looking at the daily, it's time to play in anticipation. Look at the candle that formed two days ago, that kangaroo tail. It is very bearish. Looking back on the chart, the accuracy of candlesticks is not great, but considering...
I have been chasing EURNOK almost whole year, sometimes with more luck, sometimes with no luck. In fact it is trading in an extremely wide range. Daily: Is it a similar pattern to the one seen in July? Spike to 8,50 area, but in closing the daily candle is a huge pinbar. Blow up followed by few days zig-zag, with bulls trying to force it up, then finally down...
Daily: Looked like, but finally couldn't close below the trendline. Some blame the drop of Oil for keeping NOK still moving sideaway and let it gain more power. I think it is rather the positionning, or lack of positionning what causes this annoying consolidation. Price is still trading within a triangle. It is below the Kumo, retested Kijun Sen and the Kumo....
I have posted a chart a while back saying that EURNOK is still in an uptrend, you can find the chart in the related section, and the weekly still looks bullish today, as the double top with a bearish divergence looks like it finished playing out The daily shows a double bottom at a support zone, with a class B bullish divergence on the MACD lines and...
Since July this year, the trend in EURNOK has been on the downside with lower highs and lower lows. However, the pair has managed to bounce off 8.10 level each time and is now testing short term horizontal resistance around 8.20. If break and close above this resistance (8.20), we might see 8.24/8.25 level, before recent peak just above 8.30/8.32. Furthermore,...
Norges Bank today announced it would start buying NOK starting tomorrow. Fundamentally weak Euro presents a good short opportunity in EURNOK Price broke out of the bearish flag, and is currently testing the longer term trend line Sell on retest of flag break out price or sell rallies from H1 or lower TF, targeting 7.98
As I wrote in my other post (linked below) I rather buy NOK (the ccy of the only real AAA rated country) vs the EUR at current levels, than adding or re-enterring USD longs for example. Technical picture: Daily: Yesterday we had Kijun Sen retest with a small body red hanging candle. Today we have a massive bearish candle so far. Break of the long term daily and...
After the sharp drop last week, the retracement/pullback has been rather weak in EURNOK. After todays run-up, we have now retraced only 23.6%. Furthermore, we have a possible bear-flag under development in 4H timechart. If we break this flag, we should see 8.10 as a possible stop before heading even lower end of 2014 (maybe below 8.00). Time will show!