USD/NOK 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The downswing has been prevailing in USD/NOK moves since early February when the pair touched a five-year high of 6.3146. Alongside its decline, the pair started to form a descending triangle pattern during the last trading session of February and now is likely to breach one of its boundaries given than it will approach the apex later in the day. The direction of the breakout is likely to be bearish and may lead to a long-term weakness of the pair. This is supported by the bearishness of the pattern as well as by the SWFX data-more than two thirds of traders bet on depreciation of the pair.
© Dukascopy Bank SA
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