USD/NOK continues to rise after the recent breakout of the 4-hour Triangle chart pattern that was earlier identified by Autochartist – as you can see from the following chart. USD/NOK is expected to rise to the target level 6.1974 in the coming trading sessions. The stop-level for this forecast can be set at 6.1650. This Triangle breakout follows the earlier upward price impulse from the support zone lying between the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp daily upward impulse from May.
The daily USD/NOK chart below shows the aforementioned support levels:
