USD/NOK Dominant resistance is tested
Although many resistance levels were passed on other US Dollar's pairs during the fundamental surge of the Buck generated testimony of the Chairman of the Federal Reserve Jerome Powell., the USD/NOK pair’s resistance has held its ground.
Namely, the resistance of the large scale pattern, which represents the pair’s decline since late 2017, has held its ground. Its upper trend line had enough power to hold. However, it was strengthened by the weekly R1 at the 7.9194 level.
Meanwhile, during the recent trading sessions a new long term pattern was spotted, which is a result of the pair bouncing off the lower trend line of a multi year pattern. To keep it short, the mentioned patterns are set to face one another in the upcoming trading sessions and a triangle pattern is likely to form and result in a break out.
Namely, the resistance of the large scale pattern, which represents the pair’s decline since late 2017, has held its ground. Its upper trend line had enough power to hold. However, it was strengthened by the weekly R1 at the 7.9194 level.
Meanwhile, during the recent trading sessions a new long term pattern was spotted, which is a result of the pair bouncing off the lower trend line of a multi year pattern. To keep it short, the mentioned patterns are set to face one another in the upcoming trading sessions and a triangle pattern is likely to form and result in a break out.
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