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Looking at the USD/NOK pair

May 16 2019, 09:23 PM (BDT) | OlympTrade.com

The data on building permits, which was published in the US on May 16, turned out to be better than the forecast. The reading was +1296M (economists had expected +1,290M). It means that the situation in the housing market is good and this is a good sign for American consumption.

Picture 1. Housing market statistics. Source: Census Bureau

The Philadelphia Fed Manufacturing Index came out better than expected – 16,6 against the expectations of 10.

As a result, the US dollar is rising today. But we may find the signals of correction on some of the pairs. One of such pairs is USD/NOK. Let’s take a short look at it.

Technical analysis

The trend indicators are demonstrating the reversal patterns on our working daily TF – the Parabolic SAR reversed, the MACD line broke the signal line down. Moreover, the pair broke the Fibo correction level at 23,6% down.

Picture 2. USD/NOK 1D TF

Summary: it is possible to open short positions. We recommend that you decrease the amount of your short positions taking into consideration the global bullish trend.

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