USD/NOK is in a strong downtrend that began in January 2025 and still shows room for further decline. The pair appears to be forming a blue wave five down from 10.30, which itself should contain five subwaves. The recent recovery looks like a fourth subwave rally that stalled near the previous low at 9.7275, now acting as a key resistance. If the downtrend continues, another leg toward 9.4 could unfold, where we may see a more significant shift in trend if this five-wave decline completes.
USDNOK Daily Chart
On the 4-hour chart, USD/NOK is attempting to resume its decline toward previous lows within the fifth wave, following an ABC correction in wave (4). Watch for further weakness, especially if the pair breaks below the 9.5 area.
USDNOK 4H Chart
Additional Notes:
The Norwegian krone (NOK) could gain additional strength if crude oil prices remain high, given Norway’s large crude oil reserves.
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