Technical outlook and chart setups:
The USD/NOK seems to have completed the fourth wave around the 7.3000 levels earlier and has been on its wave 5 (within the larger 3rd wave structure) towards the 8.8000 levels. As seen on the weekly chart view here, the rally that begun in 2008, is in its last leg of the larger wave 3, which could end around the 8.8000 levels before it produces a meaningful correction. It is recommended to hold long positions if taken earlier and also look to add on dips around the 8.000 levels again. Immediate support is seen at the 8.000 levels and lower, while resistance is seen at the 8.8000 levels and higher respectively.
Remain long for now and also add further on dips towards the 8.000 levels, stop is at 7.9000, target is 8.8000.
The material has been provided by InstaForex Company – www.instaforex.com