USD/NOK has recently completed the high Clarity Ascending Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at 3 bar level), significant Uniformity (7 bars) and near maximum Clarity (8 bars). This chart pattern continues the preceding sharp upward price impulse from the support at 5.4000 which had previously reversed the pair up a few times over the last few months (as is shown on the second chart below). The bottom of this chart pattern (point C on the chart below) formed when the pair reversed from the aforementioned support at 5.4000. The pair has recently reversed up (at point D) from the 38,2% Fibonacci Retracement of the C to B upward price impulse. This upward reversal led to the Breakout through the upper resistance trendline of this Ascending Triangle (coinciding with the Breakout through the two longer-term downtrend lines shown on the second chart below). The pair is expected to rise further toward the Forecast Area set between price levels 6.115 and 6.3666.
The following daily USD/NOK chart demonstrates the technical price levels mentioned above:
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Daily Forex Update: USD/NOK
Published 12/15/2011, 08:26 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/NOK
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