What is happening to Icelandic Krona? It is obvious that ISK, just as EUR, had been effected by the political and economic instabilities in Europe. ISK mirrrors EUR to a great extent. The key factor was the Russian Invasion of Ukraine and Russian attempts to intimidate EU Energy Market and overall proximity to Europe as Iceland is the member of European Economic...
Icelandic krona reached a critical level. It formed a classic double bottom (bullish reversal pattern) on monthly. By double bottom rules it should hit 119 (height of double bottom projected from upper double bottom neckline) pretty soon. There we also have Ichimoku cloud resistance, RSI trendline and Gann (Fibonacci) angle as you see. So 120 is critical level....
After applying a fixed Gann sqaure to Icelandic krona weekly chart, we seem to have arrived to the start of a new Gann wave, which if correlated with 2 previous waves, should be a much steeper run to a new high at about 156 or higher. Ichimoku elements show bullish momentum as well (amazing how well Ichimoku aligns with Gann square ). Even if we take into...
By 2020 it should reach the upper side of the flag and at that point an upward breakout should occur. The breakout move usually equals the height of flag´s pole.
