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

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