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If Crude OIL Faces Resistance, We Can Long USDNOK

USDNOK Weekly Elliott Wave Analysis

After a very long time, we are looking at the USDNOK pair, which can be very interesting for trading if you are tracking crude oil. The market has a negative correlation, so if you think that crude oil will find a top somewhere around 63-64 then longs on USDNOK can be interesting. In fact, we see a nice and clean bullish structure on the USDNOK; there is a clear impulse in progress on the weekly chart with completed wave 4 at latest swing if we consider 5 waves up on the 4h chart. That said, a three wave retracement back to 7.7-7.6 region could be very interesting for longs.

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