USDNOK bearish scenario:
In this pair we have technical figure Descending Triangle. The Descending Triangle has broken through the support line at 24/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 8.8627. Our stop loss order should be placed at 9.0861 if we decide to enter this position.
Fundamentals:
- Following the overnight intraday volatile swings, the pair managed to regain positive traction on Tuesday and was supported by the emergence of some fresh selling around the US dollar. The formal go-ahead for the US President-elect Joe Biden to begin his White House transition cleared the uncertainty on the US political front. This, along with the optimism over a potential COVID-19 vaccine, remained supportive of the upbeat market mood and weighed on the greenback's relative safe-haven status.
In this pair we have technical figure Descending Triangle. The Descending Triangle has broken through the support line at 24/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 8.8627. Our stop loss order should be placed at 9.0861 if we decide to enter this position.
Fundamentals:
- Following the overnight intraday volatile swings, the pair managed to regain positive traction on Tuesday and was supported by the emergence of some fresh selling around the US dollar. The formal go-ahead for the US President-elect Joe Biden to begin his White House transition cleared the uncertainty on the US political front. This, along with the optimism over a potential COVID-19 vaccine, remained supportive of the upbeat market mood and weighed on the greenback's relative safe-haven status.