Price has been in an uptrend LONG term. Could be considered a bullish flag - which has now broken out. Will be looking for a rejection off the previously resisting trendline (Now support) for long positions.
Clean looking structure on USD/NOK suggests we are early stages of wave 5 higher to around 10.0 over coming 12-18 months where measured targets and big round number comes in to play. This fits with fundamental view of Oil returning to $25 over similar time frame.
After that we could have the much longer term time frame (5-10 years) of USD collapse.
USDNOK recently saw downside after coming into a key weekly trendline resistance combined with the Norges Bank (the central bank) talking about the potential to hike interest rates in 2019 as their economy continues to grow. Looking to the USDNOK pair technically we can see the market created new lows after rejecting the weekly trendline resistance. Using our...