After the recent peak around 6.45, the pair has lost momentum after last weeks Policy meeting in Norway. A rate-cut due 2014 is out of the question and we should expect a stronger Norwegian Krone (NOK) upcoming weeks and months.
Since last weeks sell-off, the pair has today retraced 61.8% of the move down and we should see a possible turnaround from current levels (below 6.40 area). Short USDNOK belove 6.40 (currently at 6.38+). Target is 6.20 and stop should be executed if the pair closes above 6.45.
Since last weeks sell-off, the pair has today retraced 61.8% of the move down and we should see a possible turnaround from current levels (below 6.40 area). Short USDNOK belove 6.40 (currently at 6.38+). Target is 6.20 and stop should be executed if the pair closes above 6.45.
