The 38% retracement in the USDNOK has allowed a push to new trend highs.
The USDNOK pullback from the ascending wedge was limited to the 38% Fibonacci retracement which has allowed for a turn to new trend highs. Usually, when less than a 38% retracement or less takes place, it is evidence of a continuation pattern. In this case, we may test 8.6934 which is the 127% extension of the last dip. RSI is divergent so we may not expect too much further. The fall in Crude Oil below $50 is also a tailwind for higher prices.
Blake Morrow
