Forex

USDNOK Can Be Trapped In A TriangleDec 14, 2023

USDNOK Can Be Trapped In A Triangle due to a weak Norwegian krone (NOK) in the last year.

Since the beginning of 2023, USDNOK is trading in sideways consolidation that can be a corrective (A)-(B)-(C)-(D)-(E) running triangle pattern within wave B before we will see a bigger recovery for wave C of B. On a daily chart it can be now slowing down within final subwave (E) that can retest lower triangle line near 10.0 support level.

USDNOK Can Be Trapped In A Triangle USDNOK Daily Chart
USDNOK Daily Chart

Looking at the 4-hour chart, USDNOK is coming down within a three-wave A-B-C decline for a higher degree wave (E) as expected. Currently we are already tracking wave C of (E), but there can be room down to 10.30 – 10.20 area before it finds the support.

USDNOK Can Be Trapped In A Triangle USDNOK 4H Chart
USDNOK 4H Chart

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

Register here for a trial

ETHBTC Pair Is Nearing 2022 Lows Support. Check our free chart HERE.

Do you find this interesting? Subscribe to our newsletter and stay up to date.

In our newsletter you will find all the news and macro reports about Forex, Crypto, Commodities and more. Don't miss a thing!

    DISCLAIMER

    Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

    The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

    Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

    By continuing to use the site, you agree to the use of cookies. Learn more.

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close