The USDNOK has a head and shoulder’s pattern developing in an up-channel.
The USDNOK has been trending higher, but has stalled at the golden Fibonacci ratio of the 161% extension near the 8.7723 level. With crude oil starting to firm off the lows and the risk of a near term US Dollar pullback, the USDNOK is at risk of a break lower. Below the 8.6500 breakout point and channel low could cause a move back to the 8.4000 level.
Blake Morrow
