Automatic wave scan: as of 20 Oct 2026, the automatic daily count for USD/NOK is Wave 4 pullback in an uptrend (possible diagonal) with a bullish bias. The count stays valid while price holds 9.1473.
Current USD/NOK wave count
Automatic wave scan Updated daily from the latest daily close (20 Oct 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 4, a pause of a five wave advance that began at 9.1473 on 11 May 2026. Next levels to watch are 9.3422 and 9.3023. The count fails on a daily close below 9.1473.
Key levels
| Type | Levels |
|---|---|
| Resistance | 9.6797 · 9.9617 |
| Support | 9.1756 · 9.1473 |
| Invalidation | 9.1473 |
What is USD/NOK?
Norway is one of the largest oil and gas producers in Europe. Its government pension fund, one of the biggest sovereign wealth funds in the world, invests oil income abroad.
The krone is less liquid than major currencies, so USD/NOK can move sharply in stressed markets. Norges Bank sets the policy rate.
What moves the USD/NOK price?
- Oil and gas prices: Higher energy prices usually lower USD/NOK.
- Norges Bank policy: Rate decisions shape the krone's trend.
- Global risk: The krone weakens in risk-off periods due to its lower liquidity.
- US data: Dollar moves from US data affect the pair.
How USD/NOK moves in Elliott Wave terms
USD/NOK can show sharp spikes during crises, such as in March 2020, followed by long corrective declines. Comparing the count with Brent crude helps confirm turns.
The pair often moves in large round number steps, and liquidity gaps can cause overshoots of Fibonacci targets.
Tips for counting USD/NOK waves
Keep a Brent crude chart open and allow for wider spreads.
USD/NOK key facts
USD/NOK Elliott Wave FAQ
Why does oil affect the Norwegian krone?
Oil and gas are Norway's largest exports, so higher energy prices bring more money into the country.
Is USD/NOK liquid?
It is less liquid than major pairs, so spreads are wider and moves in stressed markets can be larger.
Who sets interest rates in Norway?
Norges Bank, Norway's central bank.
Sources and further reading
- BIS Triennial Central Bank Survey of foreign exchange turnover (Bank for International Settlements)
- Policy rate (Norges Bank)
- Federal Open Market Committee (Federal Reserve)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
