USD/NOK has just completed the daily Triangle chart pattern identified by Autochartist. This chart pattern continues the long-term down-trend visible on the daily and the weekly charts. The Quality of this Triangle is rated at the 5 bar level which is the result of the low Initial Trend value (1 bar) and the high Uniformity and Clarity of this chart pattern (rated at 8 and 7 bars correspondingly).
Low Initial Trend reflects sideways price movement that developed as the price approached the major support level at the round price level 5.7000. The second upward reversal form this price level formed the first of the connecting points for the lower support line of this Triangle. The first connecting point for the upper resistance line of this chart patter formed close to the 50% Fibonacci Retracing of the preceding longer-term down price impulse (starting on the 06.08.2010). The second connecting point for the upper resistance line of this chart pattern formed at the combined resistance of the round price level 6.0000 and 38,2 % Fibonacci Retracement of the second down impulse of this Triangle.
The price has just broken the lower support line of this Triangle with the Breakout whose strength is rated at the 6 bar level. The pair is expected to fall toward the Forecast zone set between price levels 5.6636 and 5.4582.
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