USD/NOK to 10.0 over coming 12-18 months
Updated
Clean looking structure on USD/NOK suggests we are early stages of wave 5 higher to around 10.0 over coming 12-18 months where measured targets and big round number comes in to play. This fits with fundamental view of Oil returning to $25 over similar time frame.
After that we could have the much longer term time frame (5-10 years) of USD collapse.
After that we could have the much longer term time frame (5-10 years) of USD collapse.
Note
Proceeding to forecast - see more upside to 9.50 in coming weeks then maybe some consolidation before 10.0 in months ahead all being well as Oil continues to head much lowerNote
Med term tgt at 9.5 area reached this morning but no sign of a top yet even as USD has seen broad based weakness this week on risk off.No change to longer term tgt of 10.0 later in 2020 as oil weakness persists.
Maybe some consolidation between around/below 9.5 in coming weeks before push to 10.
Note
The Saudi/Russia spat has given wave 3 a bit more of boost on the path to 10....stay with it as it's one of the few USD pairs I would want to be long of in coming weeks/months in a generally bearish USD environment with FED about to slash rates some more (and that's not even considering the fundamental precariousness of the humongous deficits)
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