Bearish Reversal On USDNOK Can Be Supported By Higher Crude Oil Prices (Elliott Waves)

<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p><span lang="SL">Crude oil is demonstrating efforts to stabilize following the recent FED rate decision, exhibiting intriguing intraday support around $67.00 per barrel throughout the week.</span></p>
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<p><span lang="SL">If the market sentiment leans towards risk-on in the coming days, we may witness a potential recovery. Furthermore, the global oil supply witnessed a decline of 660k barrels per day in May, primarily due to OPEC+ cuts. This reduction in supply has the potential to contribute to the stabilization of oil prices in the foreseeable future. Considering the positive outlook for crude oil, I hold a favorable view on the Norwegian Krone (NOK).</span></p>
<p><span lang="SL">It is worth noting that both crude oil and USDNOK have experienced downward trends recently, although crude oil appears to be stabilizing at present. Consequently, if crude oil finds support and continues to strengthen, it may exert further downward pressure on USDNOK. It is important to emphasize that USDNOK has already been declining even without the support of crude oil prices. Moreover, the current bearish momentum on USDNOK is exhibiting impulsive characteristics, with a distinct five-wave pattern observed on the 4-hour timeframe, coinciding with a breach of the daily trendline support.</span></p>
<p><span lang="SL">Therefore, I maintain a bearish bias on USDNOK, with the possibility of exploring short positions following a corrective rally marked by an a-b-c wave structure.</span></p>
<p><b><span lang="SL">If you want to hear more about USDNOK and CRUDE thne make sure to check reocrding of our FACE webinar yesterday, from June 14th. </span></b><span lang="SL"><a href="https://youtu.be/6TobxbZPea8"><b>CLICK HERE</b></a><b></b></span></p>
<p><span lang="SL">Trade well, </span></p>
<p><span lang="SL">Grega</span></p>
<p><a href="https://twitter.com/GregaHorvatFX">@gregahorvatfx</a></p>
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<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/06/usdnok-vs-crude.png"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/06/usdnok-vs-crude.png" alt="usdnok crude" title="usdnok vs crude" itemprop="thumbnailUrl" /></a></div></div>
<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/06/usdnok-d.png"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/06/usdnok-d.png" alt="" title="usdnok d" itemprop="thumbnailUrl" /></a></div></div>
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