USD/NOK 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out around 7.73 on March 26, the American Dollar commenced a gradual recovery against the Norwegian Krona. However, the trading range of the pair is narrowing, which eventually led to emergence of the ascending triangle pattern. The upper boundary of it is currently located just above the 8.12 mark, and the Greenback has been heading  directly towards this level since Monday. Despite being strengthened by daily and weekly R1 from below, both market participants and technical indicators suggest the USD/NOK currency will succeed in breaching this area. Among traders, 65% of them are bullish, while 4H technical are sending "buy" signals.
© Dukascopy Bank SA
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