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$USDNOK Analysis - Harmonic Patterns and Outlook

The USDNOK pair continues to demonstrate remarkable complexity with multiple harmonic patterns. Let's review the previous analyses and see how the latest setup fits into the overall picture.

📉 Current Analysis:

As of September 12, USDNOK is trading with intraday support at 10.765. A drop below this level might indicate a significant decline, with a potential new bullish shark pattern emerging at 10.675, aligning with the target zone of the previous pattern seen at 10.876.

📊 Context of Previous Patterns:
Recent patterns include a bullish alt-bat formation on August 28, leading to a resistance level at 10.737, with further upward movement towards 10.861. On September 11, the pair reached the 224% Fibonacci extension at 10.876, forming a bearish shark pattern that suggests possible downside moves with retracement targets below 10.677. Monitoring the support level at 10.765 will be crucial for assessing the next potential moves.

Happy Trading,
André Cardoso

Andre_Cardoso

I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.