FX:USDNOK U.S. Dollar/Norwegian Krone
OANDA:BCOUSD has decided to consolidate sideways regardless of typical US holiday rallies, along with the huge oil deposit finding in Texas + overall shale/natural gas boom in the Dakotas/Canada, the overall supply of oil is vastly increased yet the demand from traditional sources is in decline, thus this will create a downward trend for oil prices in the coming months unless international and government sources manufacture artificial scarcity. Because oil is down, NOK will follow it's pattern downwards instead of breaking the green line. Expect a good long term shorting position to open in the first weeks of Dec . as oil prices hit the 8.6ish barrier. Should oil prices rally through the green resistance line, expect a historic rally on the USDNOK which will push prices past their 10 year high.