USDNOK testing downside extension continuation breakout
USDNOK is testing the strong downside resistance 8.4060 for a continuation lower after the rejection from 8.6000. A confirmed break below this resistance will to a continuation lower to 7.5. A reversal here and a break above 8.5400 is now required to invalidate downside extension. The overall medium-term is downtrend but we need this break below 8.4060 confirmed for a high probability downside extension. As long as the USDNOK is below 8.70 there is a high probability that it will have a downside extension targeting the 7-7.5 zone.
Note – We are inclined to short trade entries with the stop loss above 8.60 upon a confirmed break below 8.4060.
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.
Copy our trades!
