NOK Uptrend Breakdown + August Bullish for Oil
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The USD/NOK pair recently finished the upward move it began in mid May, which we previously traded successfully. The pair has now executed a bearish crossover and looks to retest lower levels such as 8.45 or even resume the prior secular downtrend.
August is historically a bullish month for petroleum prices, which directly influence the NOK, so we should have a tailwind at our back. fxstreet.com/analysis/usd-nok-is-following-oil-and-the-us-dollar-202004071800
August is historically a bullish month for petroleum prices, which directly influence the NOK, so we should have a tailwind at our back. fxstreet.com/analysis/usd-nok-is-following-oil-and-the-us-dollar-202004071800
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8.81 Short
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