USD/NOK has recently completed the Clear Descending Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the average Initial Trend (rated at the 5 bar level), higher Uniformity (6 bars) and maximum Clarity (10 bars). The completion of this chart pattern continues the strong long-term downtrend visible on the daily and the weekly USD/NOK charts. The price has recently broken down through the lower support trendline of this chart pattern with the Breakout, whose strength is measured at the highest 10 bar level. The pair is expected to fall further toward the Forecast Price 5.7481.
As can be seen from the following 30-minute Key Levels chart for USD/NOK, the Breakout of the above Descending Triangle coincided with the Breakout of the horizontal support level 5.7892, identified earlier by Autochartist. Two Breakouts in one direction increase the likelihood that this currency pair will continue to decline in the nearest time.
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Daily Forex Update: USD/NOK
Published 02/08/2012, 04:18 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/NOK
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