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Daily Forex Update: USD/NOK

Published 11/07/2011, 05:20 AM
Updated 03/09/2019, 08:30 AM
USD/NOK
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USD/NOK continues to fall inside the Clear Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 4 bar level which reflects the following values of the individual contributing Quality indicators: low Initial trend (one bar), average Uniformity (5 bars) and significant Clarity (7 bars). This chart pattern continues the prevailing long-term downtrend that can be seen on the daily, weekly and the monthly USD/NOK charts. The top of this Triangle (point A on the chart below) formed when the pair reversed down from the resistance area close to the major round price level 6.0000. The bottom of this chart pattern (point C) stands near the lower boundary of the price range (from 5.3500 to 5.6000) in which the pair had been trading before the first upward impulse of this Triangle (from C to A) broke through its upper boundary (5.6000).  The last Friday’s Closing price stands near the top boundary of the aforementioned price range (5.6000), which should be broken for the pair to fall further.



The following longer-term daily USD/NOK chart highlights the technical price levels mentioned above:

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