Currency pair USDNOK reflects interrelation of the American dollar and Norwegian krone. In this trading instrument the American dollar acts as the base currency, and Norwegian krone — quoted. Economic indicators of the USA and a rate of exotic pair USDDKK have an impact on quotes of this financial instrument. Using this trading instrument in the Forex market, it will be useful for a trader to pay attention to economic indicators of the United States. High activity of the biddings on this trading instrument is observed in working hours of the European and North American exchanges.
Head and shoulder pattern has been cancelled, although it was so clear, but it didn't mess up our EW count, and a minimum criteria for a H1 5th wave is met, however there are no signs that it's finishned yet.
Short term sell
However, we're possibly in a wave 3 (altough it can be a correctional wave c) Please look at the chart for details
Basically there is a possibility for the correctional wave c formation, as a daily chart is showing engulfing pattern. The price can continue to raise though, and a key U turn area is at 8.3000 area. Not clearing a high at 8.41725 and a confirmed U Turn before will give us a signal that correctional wave B is formed and we're now having a good selling opportunity for at least the same price range of the wave A.
If the pattern on the chart is considered as a Triangle, it can be a false breakout and a possible short term reversal for the pair. Breaking above 8.1000 will lead a price towards 8.300, in case of a down move continuation theprice can retest 7.9000
The pair is ranging for the last 25 Days. There is a possibility for the USD correctional move downside out of the range towards the area of 7.3000. Political News which might happen during a few days from now, can shake the price out of the range. Пара находится в ценовом диапазоне 7.5000 - 7.8000, вполне возможно коррекционное движение доллара в район 7.3000, либо продолжение колебания цены в диапазоне. Происходящее на политической арене вполне может вывести цену из ценового диапазона.
By looking at USD/NOK on hourly timeframe we found that the pair currently trading near to the upper boundary of the channel, and bouncing down from it to trading now at 7.7601 which mean that we have some down movements to the lower boundary of the channel near level 6,6950 before we see a bouncing up again till the upper boundary. Beside that we found some important insider economic levels may be useful in trading by determine targets and stops. *7.84000 Medium offers *7.67600 Strong demand *7.58000 Strong demand