All focus is on Norges Bank meeting at 9:00 EST. The expectation is for a lower rate path though risk is that they say nothing on rates and continue to just verbally intervene against NOK strength.
With that said - let's look at the charts to see if there are some opportunities.
NOK/SEK: for a few days now I have been noting the technical backdrop and prices have continued to push lower into the projected termination area for Wave c of (ii).
http://www.aspentrading.com/uploaded...2.12noksek.png
Do longs down here still make sense? I think so - it is the exact way markets play out typically - absent a major dovish comment from Norges Bank.
EUR/NOK: despite some sideways action in recent days, the overall count remains bearish - a break below 7.4426 should get the bearish momentum going again.
USD/NOK: would avoid trying to short dollar based pairs at present.
With that said - let's look at the charts to see if there are some opportunities.
NOK/SEK: for a few days now I have been noting the technical backdrop and prices have continued to push lower into the projected termination area for Wave c of (ii).
http://www.aspentrading.com/uploaded...2.12noksek.png
Do longs down here still make sense? I think so - it is the exact way markets play out typically - absent a major dovish comment from Norges Bank.
EUR/NOK: despite some sideways action in recent days, the overall count remains bearish - a break below 7.4426 should get the bearish momentum going again.
USD/NOK: would avoid trying to short dollar based pairs at present.