A longer term head and shoulder is developing.

Back on January 3rd, we blogged about a smaller time frame USDNOK head and shoulder pattern developing, and now a longer term one is taking shape. Considering the crude oil rally and FOMC meeting tomorrow, the USDNOK has the ability to punch through the neckline at 8.4200 tomorrow which then sets a target for a move back to 8.

USDNOK H&S Formation

Blake Morrow