Get started

USDNOK

USDNOK Can See More Weakness As Crude Tryign To FInd A SupportCrude oil is trying to stabilize ahead of the FED today, showing some interesting intraday recovery from around $67.00 per barrel. Can be a small impulse, but I want to see a steady recovery ehre and possibly a broken resistance line to make sure that w-x-y in E of (B) is completed. Also, the global oil supply fell 660k bpd in May on OPEC+ cuts, which can help to stabilize oil price going forward. With higher crude I like NOK. Keep in mind that crude oil and USDNOK, both traded south recently, but crude trying to stabilize now. If it closes higher today, then USDNOK can see much more weakness. Current bears on USDNOK are also acting impulsively so far. GH
by ew-forecast
2
USDNOK Can Fall Hard If Neckline Is BrokenUSD came down last week as sentiment changed when ECB raised rates by 75bp, so it appears that the USD will now give some moves back as other CB trying to follow the FED. We have also seen some rally on crud, as demand can increase as we approach the winter. Higher crude oil will have a positive impact on some commodity currencies, like NOK, CAD and even MXN, especially during the USD weakness. As such, we have decided to look at the USDNOK today as this one can have the most downside potential. On a daily chart we can see that price came nicely higher last year, but recovery from 2021 low is overlapping which normally means it's a corrective price action. We see this as a higher degree pause in wave B that can be coming to an end after recent turn down from Fibo. cluster resistance area. The divergence line on the RSI also suggests that bulls can be done, especially if we consider the Head & Shoulders top formation. However, a trendline near 9.6 must be broken to confirm lower prices into the third wave of a decline.
by ew-forecast
⭐️BRENT: forecast for May 9-May 13➡️ Oil usually rises and falls with the stock market because the prices of both markets are like a proxy for economic activity. But in recent years, these relationships have collapsed. Oil growth may continue to outperform. Stock markets fell and oil prices held. It is more likely that oil will continue to outperform equities on a cross-asset basis. If you are in a place where economic activity is strong now but could also slow down in the coming years, stock and credit markets could start to weaken even as energy prices hold. Oil prices could rise even more if the conflict in Ukraine escalates, a scenario that is likely to push prices down in other asset classes. But if geopolitical risk subsides, there could be a recovery in growth, greater economic confidence and more demand for energy, meaning that oil may not fall much compared to future expectations. This should support the oil. Technically, oil is not expected to fall below 110$ - 111$ this week. Longs can be entered from current prices. The target for the deal is supposed to be at the level of 115$. ➖➖➖➖➖➖➖ 👍 Thanks for your comments and likes 👍 👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
TVC:UKOILLong
by UnknownUnicorn1257162
7