USD/NOK buying the dips at the blue box

In this article we’re going to take a quick look at the Elliott Wave charts of USDNOK, published in members area of the website. We have favoring the long side due to impulsive bullish sequences the pair is showing in the cycle from the 9.33 low. Consequently, we recommended members to avoid selling the pair, while keep favoring the long side.  Recently the pair made a short term pull back that has given us buying opportunities.  In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

USD/NOK Elliott Wave 1hour chart 07.07.2022

Currently the pair is giving us intraday (ii) blue pull back that is unfolding as Elliott Wave Zig Zag Pattern.  Wave (ii) Pull back looks incomplete at the moment. We expect to see more downside toward 10.041-9.976 ( Blue Box – buying zone) . We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box zone, before entering the long trades. We expect buyers to appear at the blue box for the further rally toward new high ideally or for a 3 waves bounce at least . Once bounce reaches 50 Fibs against the  b red  high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of marked invalidation level 9.976

USD/NOK Elliott Wave 1 hour chart 07.08.2022

USDNOK has given us more downside toward blue box as expected. The pair found buyers at the Blue Box area: 10.041-9.976  and we are getting good reaction from there. Raly from the buying zone made break of previous peak confirming wave (ii) is done and we can be ideally trading within (iii) blue.  As a result , all long trades are risk free (put SL at BE) + partial profits have been taken.