1. EW sequence completed
2. Bearish shark completed
3. Bullish 5-0 3rd wave 224 ext. completed
4. RSI overbought
I guess enough reasons to be short :) Good luck
This pair will continue going higher and higher. The USD is rallying strongly, and the fundamentals are against the Swedish krona. A rate decision is coming on 18th September. I added to my position on the breakout, but I should have added before that.
This is the same idea as going long USDSEK, as these pairs move together, the only difference being the range of the movement.
USDNOK suffered a heavier correction than USDSEK last weeks. The weekly chart doesnt look as bullish as the USDSEK chart
Correction seems to have stopped at 38% Fib, at a strong support area.
USD/NOK has reached 6.27 target from previous post (see link below) and profit already booked. However, it looks to still have more extension.
It's a good timing tool for USD correction towards major pairs. USD should correct pretty soon after USD/NOK completes the 5 waves.
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Twitter:...
Norway's GDP readings have come in better than expected. Y/Y @ 3.9% and Q/Q @ 0.3% up from 1.1% and -0.2% respectively and both beating estimates.
On H4 charts, the retracement to 5.96074 looks like a prime target to short from targeting 5.83130 (for now).
Alternatively, wait for the resistance to be confirmed at 5.96 and sell at the most recent lows in the run up.
Update from the previous chart for USDNOK, we see three patterns confirming the target of 5.83530,
Risks:
20/05: Norway GDP release forecast 1.34%. Prev 1.1% y/y | forecast 1.52%. Prev -0.2% q/q
22/05: Unemployment rate. Its been stable at 3.5%, so any downside reading could pose some threats to this trade.
Follow up to my EURNOK chart, USDNOK is also shaping up for a retracement to sell. Marked past support/resistance levels on the charts.
Currently, there's a median line bounce, so likely for price to test the UML and then gradually drag along.
This could be a long term trade, so set it and forget it. Fundamentally, NOK is stronger compared to the USD. No QE....
My promise was to spend more time with the currency pairs and thanks to my wonderful trader friend in Bergen to share with me the fundamentals so that I could work the chart with him LIVE. We are looking at annual high prints after a massive news driven event. This pair is an outstanding example of price, volume, news, regional economic concerns and everything...
The USDNOK having a huge climb the last week. This kind of price action I do not find to be sustainable over time. I trade pure price action and all other technical indicators is only factors I use for supporting my zones. The aggressive rise in price is going to come to a level that has confluence with a fib extension price target that makes the setup lower risk...
