In technical terms, the USD/NOK currency pair has recently completed an extensive wave 4 corrective phase, which has stretched on for nearly half a year. On December 3, 2025, discussions among analysts highlighted the development of a potential final 5th wave within this corrective framework. FXStreet takes the view that this drop finishes wave A/1. It represents the completion of a much bigger leading diagonal pattern.
The USD/NOK price action is starting to look like an interim high is being established. It is now nearing first upside targets shown in red, which mark the expected depth of wave 5’s decline. Meanwhile, the continuing decline is indicative of persistent weakness. It would very much now seem destined to keep moving in the direction of the 5th wave’s downside potential, aiming for the 9.50–9.30 region closer to the lower diagonal line. The charts show this wave structure and highlight the persistent bear market theme.
The daily chart of USD/NOK from January 27, 2026 spills some key beans. A video analysis posted on January 23 further bolsters this prediction. You can watch the full video breakdown to get a better understanding of what we anticipate to be the major price fluctuations and market forces at play. The last nine days have seen a battle between bulls and bears as the popular currency pair approaches major support levels.
These conversations—especially those held on December 3, 2025—provided all the essential context about what was coming in that last wave. Analysts noted a recent downturn in the climate was expected. They recommend, above all, that market participants remain on the lookout for drastic changes in market sentiment that could affect the direction of price.