Forex

Currency Analysis Report – 8/18/19…USD/NOK Looking Tasty

Norway’s central bank is growing increasingly uncertain about raising interest rates next month as global risks mount and monetary policy makers around the world unleash more stimulus.

“The global risk outlook entails greater uncertainty about policy rates going forward,” Governor Oystein Olsen said in a statement.

As other nations, including the U.S., are cutting rates again to cushion a global slowdown, Olsen is now hinting at reassessing his plans.

Nevertheless, the country is not immune to the waning global momentum. The price of oil has plunged recently, promising to slow the economy. The Norwegian krone slid to near a record low earlier this month, providing some support for non-oil exporters.

“Deepening trade tensions and heightened uncertainty surrounding the U.K.’s relationship with the EU may weigh on growth abroad and in Norway,”

Source

This is clearly a case of the prettiest, ugliest girl in the ballroom.  I don’t trade the Krone, but when I saw this article and then saw the chart, my mouth started to water, as I have to check the liquidity for a possible long opportunity trade. Let me show you what I’m taking about.

Monthly Chart (Curve Time Frame) – there is no monthly supply and the monthly demand is at 8.47500.

Weekly Chart (Trend Time Frame) – the trend is up.

Daily Chart (Entry Time Frame) – the chart suggests to long at the daily demand at 8.65000.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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