USD/NOK 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The double top pattern formed by USD/NOK started when the U.S. Dollar lost ground and touched a one-month low against the Norwegian Krone. Having reached this low, the currency couple changed direction, advanced to almost a one-month high and peaked twice close to this level, with the second peak being surprisingly slightly higher than the first one.
At the moment, USD/NOK is moving to the pattern's support that is likely lead to a bearish breakout and as a result to long-term weakness of the pair. Meanwhile, technical indicators are neutral in all short-, medium– and long-term.
© Dukascopy Bank SA
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Thu, 07 Nov 2013 06:49:24 GMT

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