USD/NOK Elliott Wave
Last week, the USD/NOK pair was trading downwards, corrective wave (B) (coloured red) of the bigger 2 wave (coloured purple) was developing. During the Friday's Asian and European sessions after the wave (B) (coloured red) was over, the price has started pushing aggressively higher and reached a new 3-day high at 5.7366. Therefore, during the New York session this Nordic currency did not manage to hold this level and the price dropped to the 5.7146 area. At the moment the USD/NOK pair is trading around 5.772 level and we are expecting to see price above 6.0000 level very soon. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the waves A, we can define the potential targets with measuring wave A with take profit at 6.0155 (100% of wave A). To reduce the risk, we can use support at 5.6596 level as stop loss.
Support and Resistance
(S3) 5.6288 (S2) 5.6594 (S1) 5.6783 (PP) 5.7089 (R1) 5.7395 (R2) 5.7584 (R3) 5.7890
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 5.7290 with stop loss at 5.6596 and take profit at 6.0155 are recommended.
