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USD/NOK flashing a “Death Cross” signal

USD/NOK is displaying a “Death Cross” on 4hr charts, which is considered a harbinger of bad things to come.

This technical event happens when a short-term moving average falls below its long-term moving average, in this case a crossover between the 100-period and the 200-period MA.

The existence of a Golden Cross does not in itself justify buying a market. Therefore, only a bounce towards the crossover level would allow traders adhere to the trend at fair valued prices following an otherwise lagging signal.

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Analysts at ANZ are offering a breakdown to the EZ and UK events of overnight.
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Japan trade balance: How long until further BOJ QE? - Rabobank

Michael Every, FX Strategist at Rabobank, notes that data in Japan continues to disappoint, with the latest evidence today's unexpected trade deficit.
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