USDNOK - Sell on the bounce
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. Higher Interest rates and a modestly recovering economy. Unemp. rate in Norway sits within 3.6 - 3.3 band (currently at 3.5% unch)
Only risk to NOK is the reducing investments in its oil fund, but in comparison the effects of that to the trade duration is negligible.
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. Higher Interest rates and a modestly recovering economy. Unemp. rate in Norway sits within 3.6 - 3.3 band (currently at 3.5% unch)
Only risk to NOK is the reducing investments in its oil fund, but in comparison the effects of that to the trade duration is negligible.
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