Hello Traders,
Just a heads up guys to a potential trade with excellent risk reward ratio. The USDNOK. From a technical perspective, price action is testing long term support when view in the weekly chart. If you draw a support trend line from 2015 and 2016 lows, then you will notice that price is testing that support with a possibility of correction to the upside. Even though there is no clear buy signal in the weekly chart, candlestick characteristics hint to a possible upside as a pin bar continues to be formed. Zooming in to the daily chart, you can notice price is in the oversold territory with a series of higher highs in relation to the lower BB. Furthermore, there is increasing momentum as hinted by the daily chart stochastics. Entry as usual will be in the 1HR chart where you will trade as follows:
Buy: 8.353
Stop Loss: 8.31
Take Profit: 8.715-Resistance line in the weekly chart
Have a good trading day

USDNOK 1HR chart-10.07.2017

Source: Dalmas Ngetich

USDNOK weekly chart-10.07.2017

Source: Dalmas Ngetich

USDNOK Daily chart-10.07.2017

Source: Dalmas Ngetich

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