USDNOK uptrend continuation in making
USDNOK is finishing the 4th wave pullback in the long-term uptrend Pitchfork channel. We are within a possible beginning of the 5th wave for the extension higher to 12 and beyond. For the upside reversal from here, we need to see a price action continuation above 9.6300after the retest of the previously broken resistance and a 4th wave correction bottom as it can be seen on the monthly chart.
Get the powerful trading signals and analysis with the combination of Price Action and Elliott Wave!
On a daily chart, price action in the USDNOK is indicating a break above the medium-term falling trend line with the support for a continuation higher in 9.40-9.50 zone. Long trade entries are favored here with the stop loss below 9.40 as it is clearly making a bounce from here for the beginning of the 5th wave. Our trading system is indicating a potential of 300-800 pips of profit. Look for the long trade entries invalidation to come only on a clear daily close below 9.30.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
