What is happening to Icelandic Krona? It is obvious that ISK, just as EUR, had been effected by the political and economic instabilities in Europe. ISK mirrrors EUR to a great extent. The key factor was the Russian Invasion of Ukraine and Russian attempts to intimidate EU Energy Market and overall proximity to Europe as Iceland is the member of European Economic...
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…
USDISK shows disturbing development by moving into unchratered zone. Now we have only the one resistance level left. There is a hope of reversal there.
So far, as for 24.11.18 USDISK rapid rise was hold by 0.61 Fibonacci retracement which is a great sign. It has been hovering below that level for days. We had a fine 1-5 Elliot waves cycle on monthly and what we are seeing now is very likely to be ABC correction of that cycle. Usually, ABC correction retraces to 0.61 level. If current month (we have 7 days left)...
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...
