EDGE Chart of the Day 2-2-2015 USD/NOK

02. February 2015 · Write a comment · Categories: EDGE Chart of the Day · Tags:

The USD/NOK is breaking out of what “should” be a bullish wedge (defined by higher lows and equal highs and typically will break higher) but is actually breaking lower. This break lower also coincides with crude oil, which also looks like it is trying to form some sort of near term low. For those who are unaware, the NOK and Oil tend to have a strong correlation due to Norway’s being one of Europe’s largest oil exporters.

2-2-15USDNOK1

One other note. The recent highs also are a 127% Fibonacci extension of the highs 2008 to the lows in 2011.

Blake Morrow

Chief Currency Strategist, Wizetrade

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EDGE Chart of the Day USD/NOK 7-25-14

25. July 2014 · Write a comment · Categories: EDGE Chart of the Day · Tags:

7-25-14NOK

 

A commodity currency attempting to fly under the radar (with the emerging USD strength) is the USD/NOK. The pair is coiled up in a very tight range on the 4 hour chart. With the fall in the CAD, NZD and AUD I would expect the USD/NOK stages a rally, especially if the USD index closes above 81.00 today.

H/Y for Allen F for bringing to my attention today on the Morning EDGE webinar today.

Blake Morrow

Chief Currency Strategist, Wizetrade

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