USD/NOK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a rise to a six-month high of 6.2648, USD/NOK was trading sideways, slightly below the recent peak. However, more than two weeks of tranquillity ended on Jul 21 when the instrument entered a rising wedge pattern.
At the moment the pair is vacillating not far away from the upper boundary of the formation but the bullish trend is expected to end soon considering bearish SWFX sentiment – four traders out of five bet on depreciation of the pair is the hours to come. Meanwhile, technical indicators contradict to the opinion expressed by SWFX players—technical signals are bullish for medium and long terms.
© Dukascopy Bank SA
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