Hi traders,
The USDNOK reversed from a resistance zone and breakout below the ascending trend line and support level.
.
Price seems to be building a bullish retracement which is probably part of a wave 4 of a larger wave A.
.
Price has the potential to make a bearish bounce at our confluence level as planned on the chart which could indicate the continuation of the downtrend to the support zone.
.
We will wait for the completion of the corrective structure and look for a breakout of the blue counter trend line to take advantage of the pending bearish move.
.
Thanks for reading!
The USDNOK reversed from a resistance zone and breakout below the ascending trend line and support level.
.
Price seems to be building a bullish retracement which is probably part of a wave 4 of a larger wave A.
.
Price has the potential to make a bearish bounce at our confluence level as planned on the chart which could indicate the continuation of the downtrend to the support zone.
.
We will wait for the completion of the corrective structure and look for a breakout of the blue counter trend line to take advantage of the pending bearish move.
.
Thanks for reading!