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Today we will talk about USDNOK pair, its price action from technical point of view, and wave structure from an Elliott wave perspective. We actually see a pretty nice and clean bearish setup formation that can be coming to the end soon.
As you can see, USDNOK made an impulsive five-wave decline from the highs in 2020-2021, which we see it barely as a first leg A. Since 2021 till today we see slow price action and corrective A-B-C structure within wave B in progress, where final wave C of B can be now in play. It can ideally stop around 10 resistance area, from where we will have to be aware of another decline back to low for wave C towards 7 area.
In Elliott wave theory we can always expect a minimum three-wave A-B-C movement, especially if we see a five-wave impulse within first leg A that is followed by a correction in wave B, which can later see another five-wave impulse within wave C.
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