USD/NOK 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a 10-week low of 5.8442 on July 10 was a starting point of the ascending triangle pattern of USD/NOK. Having touched this low, the pair started to appreciate until it reached a two-month high of 6.1293, an upper-limit of the pattern. The currency couple retreated from this formidable resistance twice to breach the pattern's support and trade between its short and long-term SMAs. At the moment, 20-hour SMA is acting as a support as the pair managed to overcome this level but did not quite consolidate above it; hence, a retreat is possible and the region of four-hour support lines at 6.0712/633 remains in focus.
© Dukascopy Bank SA
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