USD/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A Channel down led USD/NOK to reach for two-month lows of 8.32, causing a bounce from the area and ultimately a break above the upper boundary of the pattern. The pair has now hit a cluster of resistances and will most likely take its time to consolidate before the surge extends. We will look for a short-term downward motion to retrace from the broken trend-line of 8.33 and move on to levels above after completion. For now, we definitely do not expect a dive beneath the previous low of 8.33, but upside targets will be determined when the time comes, and could correspond to the 20 & 55-hour SMA and the cloud resistance above.
© Dukascopy Bank SA
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