USD/NOK Poised For Lower Levels?
|Happy Friday everyone.
First off a publishing update. I had noted earlier this week that Part 2 of the Elliott Wave Series would be posted this week, However, with the market volatility, it makes more sense for me to post forecasting and analysis pieces....as I have done below.
Part 2 will appear next Tuesday or Wednesday. You can read Part 1 here. Using Elliott Wave Analysis For Objective Decision Making
Oil Bears Set To Pause - Dollar Bears To Take Over
I am not suggesting that weaker oil prices are going away....but I am suggesting that in the near-term we should see prices move higher.
The chart patterns on DXY (Dollar Index) and Crude Oil (USO) point to lower and higher levels respectively.
Under this scenario is reasonable to expect NOK to trade higher. Or if we express that via USD/NOK - lower levels.
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