USD/NOK 1H Chart: Rising wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Fri, 25 Oct 2019 14:20:24 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The USD/NOK exchange rate continued to trade within the rising wedge pattern (1D time-frame). Currently, the rate is trading at the 9.1800 mark.  

From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the currency pair should target the upper pattern line located circa 9.3500.  

However, note that the exchange rate would have to surpass the resistance level formed by the monthly R1 at the 9.2171 level. If the given resistance holds, it is likely that the rate could breach the given pattern south within the following trading sessions. A possible downside target is the monthly S1 at 8.9365.


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