SEKNOK is offering an interesting setup in the weekly chart.
I'm short, looking to benefit from the positive carry of this pair, and also the topping pattern on chart.
I'd reccomend adding to it once we're 1 atr in the money after entry. Currently, we have a valid time at mode sell signal on chart, where the mode nicely matches the previous sharp rally's top....
The beaten NOK has quite some room to correct, even if it can't reverse strategic bullish for some more time.
Weekly:
- The big picture is bearish, but price retested Kijun during last few weeks. It turned down again 3 weeks ago, but failed to continue bearish and to deliver a lower low.
- Heikin-Ashi turned bullish again, with anouther attempt to cross back...
The pair is currently at the bottom line in a descending corridor. Higher lows established. Buy area at the lows of 0.95. Stop below 0.9450.
Important fundamental factors to track is the oil price, as well as Riksbankene (Swedish Central Banks) actions. Anticipation of actions from them to further weaken the SEK,
a consolidation wedge is in formation here and should provide plenty of safe opportunities into the end of the year before we break upwards or downwards.
Daily:
- Bearish Ichimoku setup
- Heikin Ashi is neutral, shows consolidation as Price moves sideaway. haDelta/SMA3 has some minor possible bullish bias
- Bearish support is at 1,0335
4H:
- Price attempts a bullish Kumo breakout and a break above 100 WMA. Shoul close above 1,0230 for continuation.
- Heikin Ashi gives a bullish signal
If the 4H break proves to...
2 weeks abcde triangle brake_out, (bullish pennant), clearing the minor double top, 200 sma daily(closed above on Friday), projects to AB=CD, at downtrend_line, fib projection.
