FX.co ★ USD/NOK candlestick analysis for March 18, 2011

The USD/NOK currency pair could not fixate above the resistance level 5.6828 again and rolled back.
Earlier on a 4-hour graph the USD/NOK currency pair has formed a Bullish Belt Hold candlestick combination, indicating upside movement, confirmed further.
This candlestick combination was formed amid a rollback from the 5.6828 that was limited by 5.5772. At the same time the third candlestick opened with a downside gap, but the pair demonstrated growth instead of decline, which means the bears could not solidify here and the bulls started to increase their influence.
Break of the 5.6828 level proves this viewpoint. Now we should expect upside movement with a target at the resistance level 5.7485 where Fibonacci correction level 61.8 is also located.
However, it should be mentioned that if the support level 5.5772 is broken, long positions should be closed as it will lead to a decline to 5.5265.