USD/NOK 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar entered a broadening falling wedge pattern on January 6 against the Norwegian Krona. The currency exchange rate has bounced off of the pattern's trend lines four times in the past half year. However, on a larger scale the pair faces the support provided by the October 2015 price level of 8.05, from which the USD/NOK pair rebounded at the start of May. Right now, the pair is in the middle of the wedge, and it seems to have rebounded again against the 2015 price level. In addition, on a smaller scale the pair seems to be forming a head and shoulders pattern between the wedge pattern's upper trend line and the 2015 October price. In the meantime, aggregate technical indicators predict no change for today. However, on a weekly perspective a decline is expected.
© Dukascopy Bank SA
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