USD/NOK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK confirmed the double top pattern yesterday, and now the sell-off is expected to extend significantly further to the downside. On the way down, the weekly S2 was crossed, which had offered support for the pattern's horizontal trend-line. Moreover, we observed a breach of the 200-period SMA. Now the pair is trying to deal with the monthly S1 at 8.51. A success here will imply a drop in the direction of the current Oct low at 8.04. Before that, however, both monthly S2 and S3 will be estimated to give up to the bearish pressure. On the other hand, technical indicators on a weekly time frame are pointing to the north, while the US Dollar seems to be oversold, as 62% of all positions are short for the moment.
© Dukascopy Bank SA
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