USD/NOK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been recently outperforming the Krone, but we must note that the downside risks are quickly increasing. This is shown by the pattern the currency pair is forming, namely a rising wedge, a figure that usually portends a reversal. For now we are bullish on USD/NOK, but as soon as the rate returns to the Jun 5 high at 8.00, there will be an increased possibility of a bearish break-out soon afterwards. The main target in this case will be a demand zone between 7.81 and 7.79, created by the weekly pivot point, 200-hour SMA, and Jun 25 low. As for the sentiment, the SWFX traders are undecided right now, being that 53% of open positions are long and 47% are short.
© Dukascopy Bank SA
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