Buy USD/NOK

[ForexNinja]

For the grown and sexy who wish to venture out of the major currency pairs, check out this USD/NOK setup.

On the daily, the pair is currently testing major support - its previous swing low. You can see there's bullish divergence where price's lows are drifting lower while the oscillator's lows are drifting higher.

Zooming into the 8-hour chart, the bullish divergence is more obvious.

One could buy here at market price of 6.0850 or wait for price to retest its swing low 6.0650. The .50% Fibonacci retracement level looks to be a nice profit target since its also near the pair's most recent high and I would expect some resistance there.

[pippingtoddler]

ForexNinja, Thanks for the heads up on USD/NOK. I have been closely following the Norwegian economy lately and as Oslo surpasses Tokyo as the most expensive city in the world (with oil,) you can imagine what the Norwegian Central bank is struggling with- fighting inflation. I beleive the NOK will be the next carry trade story. However, the broker I use does not have any NOK pairs. Do U know other brokers that carry the NOK pairs?