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 – 7.7380

By: Dima Chernovolov

  • USD/NOK reversed from strong support level 7.5100
  • Next buy target – 7.7380

USD/NOK recently reversed up from the strong support level 7.5100 (which also previously reversed the pair multiple times during February, as can be seen below). The support zone near 7.5100 was further strengthened by the lower daily Bollinger Band and by the 50% Fibonacci Correction of the previous extended upward impulse from the middle of November.

Given that the daily RSI indicator is currently moving close to the oversold readings, USD/NOK can be expected to rise further from the current levels in the direction of the next buy target at the resistance level 7.7380 (former strong support level which reversed the previous waves (A) and 1).

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