USD/NOK continues to fall in the direction of the horizontal Key Support Level 5.9101 (type Approach) identified on the 4-hour charts. The Significance of this support level is rated at the 3 bar level – which sums the number of the upward reversals from this support level which are clearly visible on the chart below. The recent price high (point B on the chart below) formed when the pair reversed down from the strong resistance area lying between the former major resistance level 6.1000 (which reversed the pair down in January of this year) and the 61,8% Fibonacci Retracement of the preceding strong weekly downward thrust from the middle of 2010 (as is shown on the second chart below). The pair is expected to fall further to the Key Support level 5.9101 in the nearest time.
The following weekly USD/NOK chart shows the technical price levels mentioned above: