USDNOK and after completion of a nice rounded top at the top of the major channel it now broke the neckline and a key support level that may open the way for the bigger move to the bottom once again. I am now looking for a correction higher to then look for bearish evidence on 1-4 TF for a possible sell trigger.
Hello USD/NOK giving usd clear bearish AB=CD pattern which is confirmed by two harmonic calculations. It is projection AB ending around 0.786 fib and BC projection 1.618.
We have multiple rejection to push price above 8.78 area but be aware price can pump and immediately drop.
Target should be brown boxes at the chart.
1) 8.664-8681
2) 8.59-8.61
Stop above...
USDNOK is currently ranging on the 4hr timeframe after price rejected the weekly resistance zone.
In order to look for short opportunities, we need to see a break and close below this 4hr range.
We could look for early opportunities at the minor resistance.
We look at trend analysis to suggest that USD NOK may rebound to 8.78000
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The pair is ranged within a 4H 8.67182 - 8.80533 Rectangle and as long as 1D remains neutral (RSI = 51.622, ADX = 25.601, Highs/Lows = 0.0000) it will be an ideal scalping opportunity. Buy zone = 8.67182 - 8.69700, Sell zone = 8.7881 - 8.80533.
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