Technical Analysis of NOKUSD: A pressure cooker about to explode
The weekly chart of NOKUSD reveals a descending triangle pattern, typically a bearish formation that often breaks to the downside. However, there is a notable divergence to consider: the Relative Strength Index (RSI) on the weekly timeframe is forming higher highs and higher lows, contrasting with the price, which is forming lower highs. This bullish divergence suggests that selling pressure may be waning and momentum could be shifting upwards.
Should this divergence play out, it indicates a potential breakout to the upside, with a target of 0.11. Conversely, if the price decisively breaks below the support level and sustains that move, the downside target would be 0.078. Traders should monitor these key levels closely to confirm the direction of the next significant move.
Should this divergence play out, it indicates a potential breakout to the upside, with a target of 0.11. Conversely, if the price decisively breaks below the support level and sustains that move, the downside target would be 0.078. Traders should monitor these key levels closely to confirm the direction of the next significant move.
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