USDNOK DOWNSIDE WITH OIL STRENGTH
USDNOK downside looks likely as USD pushes lower. This combined with the current OPEC decision to cut oil production could help the NOK a heavy producer and exporter of oil to increase in value.
Technically the daily timeframe is still in an uptrend, however looking to the 4hr timeframe you can see the head and shoulders pattern has been completed, which is an early sign of a change in trend.
We also have the confluence of a higher timeframe trendline support being broken with price closing below. This is an early indication of further downside.
Minor resistance and head and shoulder neckline of 8.5200 would be an ideal place to look for a short opportunity.
Technically the daily timeframe is still in an uptrend, however looking to the 4hr timeframe you can see the head and shoulders pattern has been completed, which is an early sign of a change in trend.
We also have the confluence of a higher timeframe trendline support being broken with price closing below. This is an early indication of further downside.
Minor resistance and head and shoulder neckline of 8.5200 would be an ideal place to look for a short opportunity.
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