In yesterday’s trading, the USD/NOK cross experienced much bearishness, as it now stands at 5.6840. However, it seems that this trend may be coming to an end. I will illustrate below that the USD/NOK may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• The technical indicators that are used are the Williams Percent Range and Slow Stochastic.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Williams Percent Range indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
USD/NOK 4-Hour Chart
source: forexyard.com
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