USDNOK Looking Lower
- 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.
--- Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.