USD/NOK is moving down inside the high Quality Falling Wedge chart pattern identified by Autochartist on the daily chart. The Quality of this chart pattern is rated at the high 7 bar level, that is the consequence of the strong values of all the indicators that affect the Quality: near-maximum Initial Trend value (9 bars) and above average Uniformity and Clarity (both rated at the 6 bar level). The high Initial Trend value reflects the sharpness of the preceding upward correction to the prevailing downtrend. This correction started from the double bottom near the strong support level 5.7200. This Falling Wedge continues the longer-term down trend visible on the daily and the weekly charts. The price is expected to continue the down movement in the near future.

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As you can see from the PowerStats chart below, the lower border of the daily Expected Price Range for USD/NOK (5.7202) stands very close to the projected value of the lower support line of this chart pattern (and the support level mentioned above). This increases the chances for the continuation of the downtrend tomorrow.

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