USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 218-bar long channel down has been form by USD/NOK on March 20, when the pair refused climbing above 6.08. Just recently the pair tried to penetrate the lower trend line, however, traders are optimistic on the pair and managed to push it almost to the 200-period SMA. Moreover, 70% of traders are holding long positions, suggesting bulls will be able to hit the SMA. Aggregate technical indicators, however, are sending ‘sell' signals, meaning the pair cannot reach the upper trend line and move lower. Only a move above 200-period SMA and weekly R1 at 5.9626/71 will clear the way for the pattern's resistance. For now the outlook remains bearish.
© Dukascopy Bank SA
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