A triangle pattern on weekly interval is a sign of USD strength over NOK. It is already broken out but it may also ilustrate fact that correct may be over and price would go back to the upward trend
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Good morning traders,
USDNOK is turning down sharply, now back at the previous fourth wave support, but because decline is impulsive we can expect more weakness after current bounce which can also represent the right shoulder of a n H&S top formation.
This currency pair appears to trending higher. This is supported by the fact that price is playing above the 34 EMA wave and the 200 SMA. Also, an important support resistance level has been broken strongly upwards and could likely hold the price and act as a…