USD/NOK 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/NOK is currently forming a pattern that usually portends a sell-off, we consider the upside breakout to be more likely. There is a solid demand area circa 8.40 that proved its high importance in May and in the first half of June. At the same time, there is the lower boundary of the pattern at 8.43 and the 200-hour SMA at 8.37 that reinforce the support zone. Once the rate is above 8.50, the initial target will be at 8.61, represented by the June 27 high, followed by the June 24 high at 8.73. Nevertheless, the traders are undecided with respect to the pair, being that the difference between the long and short positions is only eight percentage points.
© Dukascopy Bank SA
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