USD/NOK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently, USD/NOK has got inspiration from a ‘golden cross' that had taken place few hours before the appreciation started. The advance was sharp enough to send the pair from 6.1652 to a five-year high of 6.3147 that represents a second peak of the double top pattern.
At the moment, the currency couple is on the verge of an accelerating decline as it has already commenced a retreat from the second peak, meaning that a breakout is looming. However, the 50-hour SMA at 6.2858 may delay the breakout by preventing the pair from slumping to the pattern's neck-line at 6.2524 in the hours to come.
© Dukascopy Bank SA
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