USD/NOK 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook for the Dollar against the Norwegian Krona is strongly negative, after it confirmed a high-quality and magnitude triangle pattern. USD/NOK decided its future, by penetrating the 200-hour SMA, currently at 8.4278, which was then located just under the lower edge of the pattern. The most immediate demand is the daily S1 and weekly S3 around 8.25. In the short-term a drop below here is unlikely, but in case of it happening the Greenback will be most probably forced to sink as low as the October 2015 low at 8.04. In the meantime, seven out of ten SWFX traders are short, which raises the question about "oversold" status of the pair. Technical indicators are also not sure about losses in the long run.
© Dukascopy Bank SA
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