USDNOK Moving Higher In Impulsive Fashion

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July 06 2015

USDNOK has been trading in impulsive fashion the last couple of days, reaching new highs after the correction in previous black wave (ii). We assume that USDNOK will continue to the upside to Target level #1 to around 8.15-8.17 where third leg would equal to the first leg of black wave (i). But ideally we will see an extensions up to 161.8% (ideal target) for black wave (iii).
We see price trading above the trendline support shown on the hourly chart which is important evidence for bullish trend. So as long as this line is not breached we will continue to look higher within a black wave three.