Good day traders! Let’s take a look at USD/NOK.

USD/NOK is trading lower, now unfolding a nice bearish spike, which can be a potential minor wave v) of one in the making. Keep in mind that price may now be dropping, but once blue wave one fully unfolds, a new temporary correction into the following wave ii may come in play. Resistance for the upcoming correction may later be seen around the former swing high of wave iv) at the 7.9119 level.

USD/NOK, 4H