USD/NOK has just completed the Descending Triangle chart pattern on the daily chart. Autochartist rates the Quality of this chart pattern at the low 4 bar level as a consequence of the low Initial Trend level (rated at the 1 bar level) and the average Uniformity and Clarity levels (both equal to 5 bars). This chart pattern continues the prevailing downtrend visible on the daily and the weekly charts. The top of Descending Triangle formed close to the combined resistance area made out of the 38,2% Fibonacci Correction of the preceding major long-term downward impulse and the round price level 6.2000. The price has also recently reversed sharply from the 38,2% Fibonacci Correction of the downward impulse that started from the top of this Triangle - forming the second connecting point for the upper resistance trend line of this chart pattern. The lower support line of this Triangle runs very close to the strong support level 5.7000 which has reversed the pair up a few times before. Now that the pair has broken this support level with the lower support line of this Triangle, it is expected to continue falling toward the Forecast Zone set between price levels 5.4205 and 5.5665.
The 15-minute USD/NOK chart shows the high clarity Falling Wedge chart pattern developing in accordance with the downward breakout on the daily chart. The upper resistance line of this chart pattern can be used for opening sell entries, protected with a close stop loss.
For further information on this and other Autochartist products visit www.autochartist.com