USD/NOK weekly

This is a weekly chart,

We are working above the cloud, the 2 sen are on the way to cross to the upside even if we have time to do it, span is trying to cross the rates on the upside.

It s still bearish on weekly chart even if there is sign of a stronger USD, if we break the chanel resistance is seeing at 6.7960, 6.8150, 6.8636, on the other side it s 5.7200, 5.5550, 5.3320

We are on the top of a long term channel, we could see a bounce from these levels to see a stronger NOK, but think we have to wait til next week to see if we didn't break to the upside, oil is still under pressure, so could see a stronger USDNOK

We are working above all the EMA which is bullish, MACD and RSI shift to bullish trend, but we are on the limit of overbought period on RSI long term.

We can also say that we are close to reach 50% retracement from 7.7146(End of August 03) 4.9460(april 08)

In 6 months we retraced in about 50% of the 4.5 years......

I am more in a favour of a correction from the current level in case of usd correction, in the other case we are going to the resistance that I gave you above

Be short @6.0074 for 5.7104 test with a SL @6.1560