USD/NOK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a long-term depreciation that lasted for almost two months started early February, the U.S. Dollar gained some ground versus the Norwegian Krone. A drop to a one-month low of 5.9127 in the second week of April marked the commencement of the bullish formation-rising wedge.
Currently, USD/NOK is trading within the pattern's limits and demonstrates no intention to exit this area. In the foreseeable future, the currency couple is likely to move closer to the short-and long-term SMAs as market sentiment is strongly bearish. The SWFX data shows almost 80% of traders bet on depreciation of the instrument.
© Dukascopy Bank SA
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