USD/NOK Potential Upward Movement

USD/NOK Long-Term Trend: Bullish

Key Resistance Levels: 8.67027, 8.73439, 8.74000.

Key Support Levels: 8.57396, 8.52458, 8.52000.

Daily Chart:

The price on the higher time frame failed to break the strong support level around the 8.54680 USDT mark and it posted an engulfing a bullish pattern which led to a move higher. Further move to the upside is expected in the coming hours.

USD/NOK Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is traded inside a wedge formation where it found support around the 61.80% Fibonacci level. the bias is a breakout to the upside out of the wedge formation then a lower correction before a new move to the upside which represents the beginning of the reversal.

Signal Idea:

Buy Limit Order @ 8.57849

TP 1 @ 8.66787

TP 2 @ 8.73439

Stop Loss @ 8.54680

Trade Safely 🙂