USD/NOK has recently broken up through the resistance trendline of the high Quality Triangle chart pattern identified on the daily charts. We measure the overall Quality of this chart pattern at the 8 bar level as a result of the substantial Initial Trend and Uniformity (both rated at the 8 bar level) as well as the higher Clarity (9 bars). The completion of this Triangle follows the preceding sharp daily price impulse (whose strength is reflected by the high Initial Trend value) which broke the resistance trendline of the multi-year weekly Triangle from the April of 2008 (as is shown on the second chart below).
The bottom of this Triangle (point C on the chart below) formed when USD/NOK reversed up from the aforementioned resistance trendline – acting as support now – after having been broken. The price has recently broken the upper resistance trendline of this Triangle (the strength of the breakout is rated at the highest 10 bar level) and is expected to rise further toward the Forecast Price 6.2330.
The following weekly USD/NOK chart shows the longer term picture of this currency pair’s movement:
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USD/NOK Breaks Resistance Trendline Of High Quality Triangle
Published 07/09/2012, 04:12 AM
Updated 03/09/2019, 08:30 AM
USD/NOK Breaks Resistance Trendline Of High Quality Triangle
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