After tumbling throughout the last week, technical indicators are now showing that the USD/NOK may be due for an upward correction. As we will see, now may be a good time for traders to open long positions for some potentially significant profits.
• Below is the daily chart of the USD/NOK currency pair, provided by Forexyard.
• The technical indicators used are the Slow Stochastic and Williams Percent Range.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal could take place in the near future.
• Point 2: The Slow Stochastic has recently formed a bullish cross, signaling that the next move may be in the upward direction.
• Point 3: The Williams Percent Range signals that the price of this pair is currently floating in the over-sold territory, indicating that upward pressure exists.
