Candlestick analysis of the USD/NOK for November 30, 2010

Earlier on a 4-hour graph the USD/NOK formed Shooting Star candlestick that indicates the downside movement.
This candlestick has developed after the pair could not break through the level of 6.2164, which means that the bulls did not manage to solidify here. Further the bears started to increase their influence.

A breakout of the Fibonacci correction level 23.6 will denote that this point of view is correct. In this case the decline to support level of 6.000 with the next target to 5.9337 should be expected.
However, it should be mentioned if the resistance level of 6.2164 is broken through then short positions should be closed, since it will lead to advance to 6.3656.


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