{"id":9496,"date":"2010-05-18T08:19:35","date_gmt":"2010-05-18T12:19:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9496"},"modified":"2010-05-18T08:19:35","modified_gmt":"2010-05-18T12:19:35","slug":"forex-technical-analysis-long-on-the-usdnok","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/18\/forex-technical-analysis-long-on-the-usdnok\/","title":{"rendered":"Forex Technical Analysis \u2013 Long on the USD\/NOK"},"content":{"rendered":"<p><strong>By Russell Glaser <\/strong>&#8211; According to the daily chart below, the USD\/NOK is showing signs of a  pair trading in a trending environment. A buying opportunity may exist  as the pair has displayed a tendency to bounce higher from the 10-day  Simple Moving Average.<\/p>\n<p>The moving averages for the USD\/NOK are  aligned in a perfect order which identifies a trending environment. The  200-day simple moving average (SMA) is below the price action and is  sloping higher, followed by the 100-day SMA, next the 50-day SMA, then  the 20-day SMA, and finally the 10-day SMA.<\/p>\n<p>A buying trend appears as the price has consistently moved higher  once the price has reached the 10-day SMA. As such, traders can use this  as an opportunity to enter into the bullish trend.<\/p>\n<p>1.\tThe long term trend line taking into account all the price action.<br \/>\n2.\tA midterm trend line taking into account the most recent bullish  pattern.<br \/>\n3.\tA speed trend line drawn to show the recent upturn the pair has  experienced.<br \/>\n4.\tResistance level 1 at a price of 6.3175.<br \/>\n5.\tResistance level 2 at a price of 6.6000<br \/>\n6.\tStop order at a price of 6.1500<\/p>\n<p>The pair may continue its bullish trend towards these two resistance  levels. Traders should go long with a first target at resistance level 1  and a second target of resistance level 2.<\/p>\n<p>Should the pair continue to move higher, traders may add to their  position if the price retraces to the 10-day SMA.<\/p>\n<p>The Forex Technical Analysis would not be complete without a stop for  risk management. A stop should be calculated by taking the Average True  Range (14) and dividing it by 2 (1050\/2 = 525). Subtract this from the  10-day SMA (6.2025 \u2013 525 = 6.1500). Traders should place a stop at  6.1500 if the trade should fail to materialize.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/USDNOK.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/USDNOK.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market     Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                     Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                     may not be suitable for all   investors.       There    is  a              possibility      that       you   could       sustain a  loss   of  all   of    your           investment and            therefore  you        should   not    invest     money  that   you            cannot afford to         lose. You      should    be      aware of     all       the    risks      associated   with     Foreign       Exchange        trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; According to the daily chart below, the USD\/NOK is showing signs of a pair trading in a trending environment. A buying opportunity may exist as the pair has displayed a tendency to bounce higher from the 10-day Simple Moving Average. The moving averages for the USD\/NOK are aligned in a perfect &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/18\/forex-technical-analysis-long-on-the-usdnok\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forex Technical Analysis \u2013 Long on the USD\/NOK&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9496","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9496"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9496\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}