Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/NOK: buy target - 8.3000

  • USD/NOK rises inside intermediate impulse (3)
  • Next buy target - 8.3000

USD/NOK has been rising from the end of March – when the previous intermediate correction (2) was stopped by the strong support level 7.8250 (former major resistance level, which reversed the price in December and in January of last year, as you can see from the daily USD/NOK chart below). The support zone near the support level 7.8250 was further strengthened by the 61.8% Fibonacci retracement of the previous sharp upward impulse from the end of February.

USD/NOK is currently approaching the resistance level 8.1420 (which reversed the previous minor impulse 1 at the end of last month). If the pair breaks this resistance level – it can rise further, inside the active impulse wave (3), toward the next buy target 8.3000.

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