USD/NOK 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK has recently rebounded from the lower boundary of the channel it has been trading within since it left the boundaries of the rising wedge at the beginning of February. Nevertheless, the near-term outlook on the pair is bearish, being that there is a falling resistance line at 8.27 preventing further advancement. At the same time, the daily and weekly technical indicators are giving ‘sell' signals. Once the price reaches the green trend-line again, presumably either at 8.10 or at 8.04, the outlook will turn to bullish, as the pair will be ready for an upward correction within the pattern. A recovery is also implied by market sentiment—29% of open positions are long and 71% are short.
© Dukascopy Bank SA
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