Global trend brokenUSDISK shows disturbing development by moving into unchratered zone. Now we have only the one resistance level left. There is a hope of reversal there.
ISKUSD
Two possible scenariosIcelandic 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. Here it should turn down as future cloud is bearish. If price doesnt reverse there and breaks through RSI trendline, then its very likely to break through Kumo cloud (which is not very thick there as you see) resistance. If price hits 134 thats it, it will shoot to 193 (the height of bullish flag pole, by flag pole rules). If it turns at 120 then it will be dropping to 98-96 until 2022 from where it will shoot up anyway (or will be going in range channel btw 98-110 if Iceland's economics gets really strong). Though, I simply dont believe in Icelandic krona's stability that it will move in narrow ranges. ISK has bad history and has always been as volatile as Turkish lira. It never moved in tight ranges. So expect a bitcoinish volatility! It would be best if they would peg it to EUR or would simple "delete" it by replace it with EUR or USD.
