USD/NOK
Short

USDNOK Is Looking For More Short-Term Weakness

USDNOK is sideways for the last two years that looks like a larger triangle within uptrend. It's an ABCDE pattern where wave E can be in play as pair stops at the upper side of this contracting range.

Ideally, market is coming down for a pullback within higher degree wave E, where pair can complete the sideways price pattern. So for now, seems like there is room for more weakness within a three-wave (A)-(B)-(C) decline to the lower side of a range.
Wave (B) looks to be a bearish triangle pattern, unless it's going to be more complex, but sooner or later it can send the price lower within wave (C) of E towards to 10.30/10.00 support area.

One of the reasons why USDNOK could face more weakness is also bullish looking Crude oil, which can boost the Norwegian Krone.
Bearish PatternsChart PatternscorrectionElliott WaveForexpullbackTechnical AnalysisTrend AnalysisUSDNOKWave Analysis

Explore our services
👉wavetraders.com/elliott-wave-plans/

Learn Elliott Waves
👉 wavetraders.com/academy/

Newsletter Sign up
👉 bit.ly/3FVPVzO
Auch am:

Verbundene Veröffentlichungen

Haftungsausschluss