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Today, Tuesday 25 June 2024, StockCharts365.com has taken a closer look at the bigger picture for the Dollar against Norwegian kroner (USD/NOK).


[25 June 2024]


Today, Tuesday 25 June 2024, StockCharts365.com has taken a closer look at the bigger picture for the dollar against Norwegian kroner (USD/NOK). It could be heading for a bigger rise again for the dollar against Norwegian kroner according to the technical picture that USD/NOK now shows.


Bjørn Inge Pettersen and former Aksjeanalyser.com have been very good with their 'predictions' before around the dollar against Norwegian kroner, and like here:


"The dollar may soon cost NOK 12"


At the time (03 September 2019), the exchange rate for USD/NOK was 9.15.


Read the whole case from that time, 03 September 2019, here on Nettavisen:


 

Briefly about the United States dollar (From Wikipedia)


The United States dollar (symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.


The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank.


The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7735 troy ounces) fine silver or, from 1837, 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed.


The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the most widely used currency in international transactions, and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation.


As of February 10, 2021, currency in circulation amounted to US$2.10 trillion, $2.05 trillion of which is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes).


As of September 20, 2023, the Federal Reserve estimated that the total amount of currency in circulation was approximately US$2.33 trillion.


 

Technical Analysis of the US Dollar/Norwegian kroner (USD/NOK)

Charts are from the technical analysis program Vikingen. USD/NOK is in a long-term rising trend that started in 2011 when USD/NOK was at its lowest around 5.25 (cf. chart). Then the dollar (USD/NOK) peaked at around 12.00 in early 2020, before correcting down within the then-established long-term uptrend. The correction for USD/NOK in 2020-2021 brought the rate down to around 8.30. After that, the USD/NOK rate has mostly gone up again, and has had several peaks in 2023 and 2024 around a rate of 11.30. A large right-angled ascending triangle consolidation formation has been established for USD/NOK in the period from the end of 2022 until today. Now USD/NOK is testing a technical support level at the lower trend line in this aforementioned right-angled ascending triangle formation (cf. chart). Technically, a new reversal up is now expected, and should there be a break up from this large right-angled triangle formation, and an established break above the 11.30 level. Then a new strong technical buy signal will be triggered for USD/NOK, which will indicate further upswing within this long-term rising trend that USD/NOK has been moving within since 2012. It is indicated that USD/NOK will then be able to rise all the way up to around 14.00 - 15.00 within a year's time, should there be such a break from this large consolidation formation, and thus a break above the now important technical resistance level around 11.30. As always, it will be exciting to follow, and the technical picture thus signals that it may now move towards a new upward turn again for USD/NOK, and preferably a new test of the 11.30 level during the next 1-3 months. Should there be such an established break from this large consolidation formation, and above the 11.30 level, then USD/NOK could rise all the way up to around 14.00 - 15.00 within a year's time.


 

NB! Remember to have read and understood the disclaimer.

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