USDNOK trade ideas
USDNOK - Under pressureUSDNOK (1H) - short term bearish bias
Following its failure to rally above the major resistance of 9.2100, the US dollar went into a sell-off. The overshot RSI was a clear sign of an ever-extension. As buyers struggled to defend the support area of 9.1200 sentiment has turned downbeat as longs bailed out of their positions. The bearish MA cross is a confirmation that the exchange rate is likely to stay under water for a few days. We expect the price to test the previous low of 9.0600.
Key support: 9.0600
Key resistance: 9.1600
USDNOK SHORT TRADE - PINBAR SIGNALHey traders,
We can see on the daily chart that bulls tried to push price up today but failed.
Bears seem to be in control as USDNOK looks to make a further move to the down side.
Stop loss set above the pin, and risk to reward target is 1.5
Simple price action and analysis!
$usdnok (4h) Eventual Head and ShouldersOANDA:USDNOK
"10 Nov:
Now rejecting the weekly resistance forged at 9.16481 after printing the new daily fractal above it, at 9.20410, forming one eventual right shoulder. Default targets below one broken neck projected around 8.86950, right at the weekly fractal support, which is positioned at 8.87520."
- at Forex Analytix
USDNOK approaching support, potential for a bounce!
USDNOK is expected to drop to 1st support at 9.12480 where it could potentially react off and up to 1st resistance at 9.18165.
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