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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 reversed from resistance zone

  • USD/NOK reversed from resistance zone
  • Next sell target - 8.300

USD/NOK recently reversed down sharply from the resistance zone lying between the resistance level 8.7000 (which reversed the previous minor correction 2 in February), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of January. The downward reversal from this resistance zone stopped the previous intermediate ABC correction (B) from May.

USD/NOK is expected to fall further in the active intermediate impulse wave (C) toward the next sell target at the support level 8.300 (forecast price for the completion of the active minor sub-impulse wave 1).

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