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USDNOK 12 Jan 2023

USDNOK 12 Jan 2023 on the weekly timeframe, it looks like the pair managed to start the year by being able to reverse the trend after previously being bearish. Bouncing up after touching R1, the pair is now trying to break the kumo on the ichimoku indicator. This is also seen on the stochastic indicator which shows the pair has been in a saturated zone for quite some time after being over sold. Because of this go-long could be an option for traders if the pair manages to continue the bullish trend. But if the opposite happens, then go-short can be an option when the pair drops through R1.

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