Elliott wave Analysis: USDNOK and USDTRY

Intermediate

USDNOK unfolded a bigger five-wave rally from start of 2018, and unraveled a bigger wave 1, that found a top at the upper Elliott wave channel line. The sharp reversal that followed from the upper channel line can now be labelled as wave A), first leg that can be part of a bigger three-wave retracement, which can as a whole look for support and a bounce around the Fibonacci ratio of 38.2/61.8 (8.40/8.09 region).

USDNOK, Daily

usdnok daily

USDTRY made a bigger decline, but still looks like a wave iv) of a higher degree, so watch out for a bounce here back to the highs for a wave v) towards 5.30 area. If from any reason price drops back below 5.22 invalidation level, then we will adjust the view.

USDTRY, 1h

intraday usdtry

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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