Autochartist has recently identified the high Quality Pennant chart pattern on the daily USD/NOK charts. The overall Quality of this chart pattern is measured at the 9 bar level as a result of the maximum Initial Trend and Clarity (both rated at the 10 bar level) and above-average Uniformity (6 bars). This chart pattern is developing in line with the prevailing uptrend that can be seen on the daily USD/NOK charts.
The bottom of this Pennant (point E on the chart below) formed when the pair reversed up from the combined support area made out of the uptrend support trendline from the September of 2011 and the Fibonacci Cluster consisting of the 38,2% Fibonacci Retracement of the longer-term upward price move from the May of 2011 and the 61,8% Fibonacci Correction of the preceding upward price impulse from the February of 2012 (as can be seen on the second chart below). The pair is expected to rise further in the nearest time.
The weekly USD/NOK chart below shows the longer-term picture of this currency pair’s movement: