Strong upside momentum has driven the USD/NOK exchange rate since late March. The pair had appreciated 8.60% until it peaked near the 8.32 mark on Tuesday. It likewise breached the prevailing one-year channel on the same day. As a result, the US Dollar shot up to the 8.32 level and subsequently fell back to the breached senior channel. During the past few weeks,...
Long SEKNOK @ 0.9250' TP @ 0.9440, SL your choice
Although many resistance levels were passed on other US Dollar's pairs during the fundamental surge of the Buck generated testimony of the Chairman of the Federal Reserve Jerome Powell., the USD/NOK pair’s resistance has held its ground. Namely, the resistance of the large scale pattern, which represents the pair’s decline since late 2017, has held its ground....
It seems Norwegian operates on a 5 year cycle basis. Refer to chart for my outlook when I expect price to bottom. Price shall not be able to close above 220 before January 2018.
This is my first time tech analyzing a chart. I think it will keep decreasing to 279, then it will go up again.