NOKSEK is close to reach its Double top potential around 0.9890 as illustrated by the two vertical arrows. Currently bouncing from the 0.786 projection measured from the top to bottom of the double top pattern, and 0.50 correction of the May to August uptrend at 0.9956.
However, daily RSI is in negative sentiment with no divergence indicating lower NOKSEK levels could be seen. However, quite often an instrument is not “travelling” the full potential length but is usually cut short meaning this could be the xhaustion of the short-term sell-off
However, if NOKSEK is closing below 0.9890 further selling could be seen down May trough around 0.9450.. Support at 0.98.
Medium-term NOKSEK has been rejected at the upper falling trendline and seems to be resuming downtrend. If weekly RSI is closing back below 40 threshold the bearish scenario has resume. With potential down to May lows
To resume uptrend a close above 1.03 is needed.