Hot-Charts
Revisiting USDNOK
by
Feb 26, 2009 16:03
| 2 Comments

In revisiting the NOK trade, we see a confirmation of the persistent consolidation in the USDNOK pair, albeit, at a narrowing range with a 7.00 trend line resistance and 6.75 support. The last Hot-Chart (Feb 11) supported the case for wide consolidation but the latest decline in the trend line resistance indicates the 6.99 upside may be attained by bullish oscillators, paving the way for the next leg down towards 6.97, 6.90 and 6.78.
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For a position trade such as NOK is there anyway to calculate an upside cap in the event the SP challenges 709 or heaven forbid the mid 600s ? I suppose the market will decide! I am also surprised that the 15% rise in the oil price has had no positive effect on NOK.