The Norges Central bank is set to meet tomorrow!
The USDNOK faces a rate decision where the Norges Central bank is set to meet and possibly hike rates! Analysts are about split whether or not we get a rate hike, so whether they do (or not) and the follow up guidance could spur the next move. The chart points to a possible head and shoulder’s pattern, but if the bank is hawkish following the meeting even with rates on hold, the risk of a bearish pennant could play out. If the bank keeps rates on hold and is neutral, we could be in the midst of developing a longer term head and shoulder’s pattern. 8.9000 is key support for the bulls.
Blake Morrow
