USD/NOK 30M Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK set a December high at 8.5290 a few days before, but went on to dive 1.6% inside a falling wedge pattern. The pair has just dashed through the upper trend-line of the wedge as well as a red Ichimoku cloud and is now on its way to test 8.4300, the daily Pivot Point. It now appears that a decisive reversal in on the way, initiated by a retracement of the broken trend-line at 8.4151. There are a lot of levels to watch now, such as 8.4278, 8.4341 and 8.4379, with the last immediate supply zone at 8.4408, the 200-period SMA. The multitude of levels could bring some flatness into the motion and lead to longer period of time for pushing through.
© Dukascopy Bank SA
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