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1 Dec 2016
USD/NOK remains a wild card
Bollinger Bands® on USD/NOK 1hr charts continue to reflect a volatile environment, but one with no dominant trend on higher time frames.
ADX tracks below 30 suggesting a sideways price action. Endorsing this view, the 50-period simple moving average is locked in-between the 200 and the 800-period SMAs. From a larger perspective the USD/NOK still appears ranged sideways.
Traders may look for buy opportunities using divergences between price and oscillators, targeting the 800-SMA. A clear break of the 50-SMA below the 200 would switch the tone to bearish.
ADX tracks below 30 suggesting a sideways price action. Endorsing this view, the 50-period simple moving average is locked in-between the 200 and the 800-period SMAs. From a larger perspective the USD/NOK still appears ranged sideways.
Traders may look for buy opportunities using divergences between price and oscillators, targeting the 800-SMA. A clear break of the 50-SMA below the 200 would switch the tone to bearish.