RizeSenpai

USDNOK: Confirmed Bullish Butterfly at Structural Demand Line

Long
OANDA:USDNOK   USD/NOK
USDNOK is sitting at the Demand Line of an Overall Bearish Ascending Broadening Wedge Pattern that happens to align with the 1.272-1.618 PCZ of a Bullish Butterfly; along with that, we have PPO Confirmation, RSI BAMM, and a MACD Bullish Crossing. Given the scenario, I can see this trying to retrace up 50-88.6% of the Harmonic Range before coming back down and confirming a partial rise, after which we will then possibly have to look for opposing Bearish signals.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.