Same issue as with the USDZAR pair. We have a wide range to trade within, but now we are positive stochastic and RSI and makes the case stronger for move to 10.3700.
Strategy BUY @ 10.05-10.15 and place stop-loss belo0w 9.9150. The profit order @ 10.3575 for now. Keep in mind we have strong resistance 10.2150 and need to be overcome. Overall, we will see north,...
USDNOK is sitting at the Demand Line of an Overall Bearish Ascending Broadening Wedge Pattern that happens to align with the 1.272-1.618 PCZ of a Bullish Butterfly; along with that, we have PPO Confirmation, RSI BAMM, and a MACD Bullish Crossing. Given the scenario, I can see this trying to retrace up 50-88.6% of the Harmonic Range before coming back down and...
The pair has been trading within a well defined band, and has been under pressure or support from NOKZAR pair, which has been hammered down.
The stochastic is POS and so is the RSI.
Strategy BUY between 9.9700 - 10.0450 and stop-loss below 9.9150. The profit order I suggest 10.3800. Mind the resistance @ 10.2100, and perhaps we trade it when approaching.
Slowly the case is building for a move upwards into the 10.3000-10.4500 case.
The reason being, we are supported by GANN support 9.9700 area (on a closing basis), and strong DC support near 9.8400. The stochastic is reluctantly POS and th RSI is not as yet.
Strategy is BUY @ 9.9800-10.0400 range and place a stop-loss below 9.8400. The profit objective @ 10.3700.
The channel broker, and also we moved from POS to NEG stochastic and a NEG RSI as well.
It feels we may test lower levels first, and likely we may see somewhere 9.8850 before we may see meaningful move back towards 10.1100 again.
Strategy SELL @ 9.9850 - 9.9950 and place stop-loss above 10.0650 and take profit @ 9.8875 for now.
It depends to the overall purpose. If we look at the 3-hourly chart, we have resistance 10.0940 area DC top, and support GANN 9.9700 roughly. So we would play between those bands short-term. If take the daily chart, we got DC support below 9.9200 and for the rest we are open until 10.2100.
Strategy 1 - SELL current @ 10.0750 and place stop-loss above 10.1025...
The pair has been quite under pressure, and p0erhaps for the wrong reasons.
Currently, we have managed to move beyond 9.9900 and this helps the pair to recover further.
The strategy is BUY @ 9.9950-10.0400 and take profit @ 10.1200 for now. Note that 2-hourly stochastic is reaching heights, and it means the move will not be a one-way bet.
Stop-loss can place...
The pair as like all others hammered down due to CPI and PPI. Markets are always extending moves, and that creates challenges.
The stochastic as well RSI show that there will be a turnaround the corner. We have moved below the regression channel, which in most cases will realign. Yes, its tough, but with the right leverage we whether the storm nicely and add...
I thing here we have constant higher high and higher lows... beside we have two support area (horizontal and diagonal)...
Also it is MTR .
we can expect a rally up to next resistance level.
As there are lots of SLs below the previous LL , it may attract brokers to hit the stops so the SL should be well bellow the previous LL...
The chart clearly identifies falls bear flag, and as mentioned before, most have the same pattern, either bear or bull depending to the currency type.
This one, has significant lower RSI and we seem to have minor confirmations in terms of candle stick undecided patterns, like doji's or doji cross.
The resistance is @ 10.1150 area and we should move back to the...
just an extra chart to add to the analysis. This is for most pairs the same.
We re trading within a wide range for the pair and we are at the base of the channel now. In essence, it will be difficult for the pair to trade below the base, and usually it returns within.
The objective would be mid-range and we may see a corrective action back to 10.4900 again.
It also has been a painful managed ride. The issue here, firm CPI and weaker US CPI etc. The ride down from above 10.80s and to the pre-CPI US numbers, was already a rich experience, and after we saw lows of 10.0950 area.
The shorter time frames are heavily oversold and the 2-hourly has turn signals and we may see corrective action soon, is my personal view....
Both the daily chart and the 4-hourly chart suggest that we are oversold and in danger of a sharp correction. Yes, oil is firm and that underpins the pair. However, moves are overdone and we should see corrective action.
Strategy BUY current @ 10.31-10.33 for a profit move to 10.4750 for now.
Pair: USDNOK
Entry: 10.46195
Stop Loss: 10.67581 (above fair value gap)
Take Profit: 9.69620
Risk-to-Reward: 3.63
Strategy: Selling USDNOK as a short opportunity.
Explanation:
The decision to sell USDNOK is based on the anticipation of a potential decline in the exchange rate. Here are a few reasons why this is considered a short opportunity:
Fair Value Gap:...
