Forex

USDNOK Can See More Weakness As Crude Tryign To FInd A SupportJun 15, 2023

Crude oil is trying to stabilize after the FED rate decision yesterday, showing some interesting intraday support this week around $67.00 per barrel from where we may see a recovery if risk-on will resume by the end of the week. 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 we like NOK. Keep in mind that crude oil and USDNOK, both traded south recently, but crude trying to stabilize now. So support on Crude can cause even more weakness on USDNOK if we consider that USDNOK is trading down already without help of crude oil prices. In fact, current bears on USDNOK are also acting impulsively so far with clear five waves down on 4h time frame while price is also breaking the daily trendline support.

That been said, we favour more weakness on USDNOK, and possibly even short idea after a-b-c rally.

Trade well, trade small, and dont forget on stop losses!

Grega

Sugar and Cocoa In the Bull Run CLICK HERE

USDNOK vs Crude Oil
USDNOK Daily
USDNOK daily

Become a member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

Register here 1st month only 20€. Offer expires in 2 days

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close