USD/NOK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK tried to launch a second attack at December 2016 highs, but fell short and set the latest peak at 8.6220, but bounced back to show a 2.5% slip. However, lows have lost volume and led to a falling wedge formation on the hourly chart, which looks mature enough to break immediately and to the upside. Immediate resistance lies at 8.4550, the cluster of the upper boundary and the daily S1 and should lead to tests of 8.4611 and then 8.4691 where we would look for a retracement towards the broken trend-line. The first ground rests at 8.4455, and we do not expect the rate to dip underneath.
© Dukascopy Bank SA
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