USDNOK is basing and breaking out
USDNOK is testing the strong resistance 9.3400 after the bounce off heavy uptrend support 9.000. A confirmed close above the 9.3400 is required for an upside extension. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 9.0. A break below this level would lead to a deeper correction lower and a test of 8.000. The overall long-term is an uptrend and we need to see a break below 8.8000 for a downside reversal.
Note – We are more inclined to a long trade entry with the stop loss below 9.3000
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