Trade of the Week USDNOK

Trade of the week – USDNOK breaking the rising wedge

Our trade of the week is USDNOK. The pair has broken below a rising wedge 9.1580 level. We are seeing a rejection from the strong resistance 9.2000-9.2500 zone on a weekly chart.

On a daily chart, we can see that the pair is in a descending triangle formation giving us a good short trade opportunity. Based on this you can place a short trade entry with a stop loss above the 9.2000 level. The target is 8.95 at least. ARMAT trading system is indicating a potential 200 pips of profit.

We have used the combination of the top-down trading analysis to get these key levels explained in the charts.

Happy trading! (click on the chart to enlarge it)

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