Talking Points:
- Key weekly reversal bars at December spike high
- Downtrend off the 1/7 high is in place (4-hr time-frame)
- Looking for a retracement to at least 74000
USDNOK put in key reversal bars on the weekly chart each of the past two weeks, testing the spike high from 12/16. The failed weekly spikes have created a downtrend off the 1/7 peak. Overnight it rolled over from the 3rd peak, and looks tradable from the short-side down to 74000, where it began its last leg up back on 12/31.
USDNOK 4-hr/Weekly:
--- Written by Paul Robinson, DailyFX Research
To contact Paul, you can email him at instructor@dailyfx.com
