USD/NOK 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current trading level of USD/NOK currency pair has approached the pattern's resistance line, meaning that behaviour around this level may determine future development of the pair. If it manages to cross the trend-line at 6.3732, which is reinforced by 200-hour SMA a bit lower, we can wait for beginning of a considerable bullish move. Otherwise, the pair is likely to experience decline in value. Technical indicators support upward movement in longer-term, where six out of eight studies give clear signals to the north. Market participants, however, do not believe in pair's ability to breach the mentioned resistance level, as more than 74% of all opened positions are short for the time being.
© Dukascopy Bank SA
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