USD/NOK 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The rather unusual situation has been created on an hourly chart for Dollar/Norwegian Krona cross. The triangle pattern, formed in the end of the previous week, has recently been confirmed to the downside; however, the pair managed to regain its strength and bounced back through the pattern and is currently trading above the upper trend-line at 6.1855. Taking into account the most recent developments, we expect the U.S. Dollar to continue growing, while statistically 54% of all triangle patterns have a break-out exactly to the upside. Meanwhile, technicals send mixed signals, meaning that the pair is neither overbought, nor oversold for the time being.
© Dukascopy Bank SA
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