NOK has been trough the perfect storm, as the USD has been high on forward guidance from FED regarding rate-hike in December and the Oil has recently fallen below 40USD. But as we soon enter December, we do notice more sellers in USDNOK, as in more spikes from high levels and established resistance and weaker ''pace'' on the trend which is for now up.
However, if the oil catch some bid and possible short-covering into OPEC meeting and if we see some profit-taking in USD-trade, we could break below the main support level in USDNOK which is located around 8.58-8.60. Only a close below this level will trigger further downside.
For now the trade-setup contains a bit high risk and does not provide a fair risk/reward to enter either way. However, I do believe the risk is on the downside from current levels.
However, if the oil catch some bid and possible short-covering into OPEC meeting and if we see some profit-taking in USD-trade, we could break below the main support level in USDNOK which is located around 8.58-8.60. Only a close below this level will trigger further downside.
For now the trade-setup contains a bit high risk and does not provide a fair risk/reward to enter either way. However, I do believe the risk is on the downside from current levels.
