Norway CPI beats estimations againPrice of Brent Oil is one thing. Inflation pick up caused by multi year ccy weakness is another thing. Today Norway's CPI numbers beatied all expectations on all front!
And finally, the price action of a ccy is the most important thing!
Weekly:
- Ichimoku neutral
- Possible long term Head and Shoulders is still in play, until Price holds below Kijun Sen (9,45)
- We have enterred the 12th week of sideaway consolidation. Sooner or later market will have t make a breakout from the 9,20 - 9,45 range
- EWO is close to zero
Earlier post on the link below.
Daily:
- Ichimoku is neutral, woth lot of mixed signals. Hard to follow Ichimoku alone, as the pair is clearly trading in a range.
- Heikin-Ashi candle and haDelta possibly signals a refusal of Kijun and range top again. As also ECB meeting is getting close, EURNOk can target 9,20+ again.
- EWO zig zag around zero.
I still like to keep 7-10 % of my overall portfolio in NOK. Yeah, I see the Oil is turning down again, but on the other hand there are a lot of positive arguments wh one should invest into the ccy of a real AAA rated, very innovative and liberal country, which has no debt at all! NOK has been a huge underperfomer in G10 for the last 3 years. Things tend to change at some point.
