USD/NOK: Expected to recover from 10.30 – Commerzbank
|USD/NOK has sold off to its 61.8% retracement at 10.30 and is expected to recover from here, in the opinion of analysts at Commerzbank.
Key quotes
“USD/NOK has held over 10.3941 for the last 3 trading days and we note the 240 minute chart is suggesting that this is also the end of the 4th Elliott wave count.”
“Recovery from 10.30 implies that the bull trend remains intact and that the market is capable of retesting the 12.12 recent high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.