I bought 4.9 with SL tp at previous top.
An island reversal is a price pattern on bar charts or candlestick charts that, on a daily chart, features a grouping of days separated on either side by gaps in the price action. This price pattern suggests that prices may reverse whatever trend they are currently exhibiting, whether from upward to downward or from...
Iceland Krona's exchange rate (ISK) as represented by USD/ISK’S higher highs is accompanied by lower highs on thee 14-day RSI. Stochastic too is about to produce a bear cross in the overbought territory.
Put simply, rally looks overstretched and due for a pullback…
Icelandic krona reached a critical level. It formed a classic double bottom (bullish reversal pattern) on monthly. By double bottom rules it should hit 119 (height of double bottom projected from upper double bottom neckline) pretty soon. There we also have Ichimoku cloud resistance, RSI trendline and Gann (Fibonacci) angle as you see. So 120 is critical level....
Iceland people deserve good words as they could manage the strong financial crisis and an awful devaluation of krona in 2008 (>160%).
Since then the ISK won back the most of the loss against the dollar almost hitting the 61.8% Fibonacci.
In spite of this, the structure of the chart calls for another rise of USDISK at least to the former top beyond 150...
After applying a fixed Gann sqaure to Icelandic krona weekly chart, we seem to have arrived to the start of a new Gann wave, which if correlated with 2 previous waves, should be a much steeper run to a new high at about 156 or higher. Ichimoku elements show bullish momentum as well (amazing how well Ichimoku aligns with Gann square ). Even if we take into...
