USDNOK 9 Feb 2024 on the weekly timeframe, this pair looks to be experiencing a bullish trend and managed to break the kumo cloud on the ichimoku indicator. Successfully occupied the price position of 10.62150 since it managed to reverse the trend to bullish at the end of last year. If referring to the stochastic indicator, it looks like this pair will still continue its bullish trend and continue to strengthen towards R2. Therefore, go-long can be an option for traders at the moment. However, if the pair fails to continue the bullish trend and bounces back down into the kumo cloud, then go-short is an option. Keep an eye on the volatile market movements before making any trading decisions.
