The USDNOK is very closely correlated to the US Dollar index and can often show us the way. There are some cases of course where we get some divergence, particularly when NOK or SEK fundamentals are in play. But take a look at the following charts.




USDNOK - HOURLY



USDSEK - HOURLY



As you can see both pairs sold off aggressively. A probable reasoning is the recent misinterpretation of the FED statement as being more hawkish than it was by media.

We've seen the USD weaken across the board, however these pairs show the potential a lot more. I will look to see if the EURUSD keeps the upside momentum it has been showing since the last London session to look to buy on a pullback.
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