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9 Mar 2017
USD/NOK volatility measures could spark profit taking
USD/NOK is capturing attention with its soaring volatility and northward streak.
The following technical observations are worthy of note: The search for a low in today's trading is reflected in the 2-standard deviation Bollinger Bands® expanding for several consecutive hours. Moreover, the near-term technical picture shows recent close prices respecting the 50 exponential moving average, a bullish condition confirmed by the SAR indicator.
Should the parabolic SAR switch direction the implications would be that longs are liquidating. Risks exist the volatility and unrelenting bid tone extend to higher time frames through the foreseeable future.
The following technical observations are worthy of note: The search for a low in today's trading is reflected in the 2-standard deviation Bollinger Bands® expanding for several consecutive hours. Moreover, the near-term technical picture shows recent close prices respecting the 50 exponential moving average, a bullish condition confirmed by the SAR indicator.
Should the parabolic SAR switch direction the implications would be that longs are liquidating. Risks exist the volatility and unrelenting bid tone extend to higher time frames through the foreseeable future.